Dongyang Life "Liquidation of China Anbang Insurance... No Change in Governance Structure"

[Asia Economy Reporter Oh Hyung-gil] Dongyang Life Insurance announced on the 24th that there is "no change in the governance structure" regarding the termination of the entrusted management of China Anbang Insurance Group by Chinese financial authorities.

On the same day, Dongyang Life Insurance stated, "The China Banking and Insurance Regulatory Commission (CBIRC) has terminated the entrusted management of Anbang Group and Duojia Insurance Group," adding, "Anbang Group is scheduled to be liquidated."

The CBIRC has been conducting entrusted management since February 2018 due to illegal activities by former Anbang Insurance Chairman Wu Xiaohui, which were judged to affect Anbang Group's ability to pay insurance claims.

Additionally, in July of last year, the CBIRC separated major high-quality assets from Anbang Group to establish Duojia Insurance Group, which has continued insurance operations.

Duojia Insurance Group is reportedly proceeding with privatization efforts, including attracting strategic investors. The CBIRC plans to fulfill its role by strengthening the supervision of Duojia Insurance Group's soundness to ensure the company's stable development.

Dongyang Life Insurance, affiliated under Duojia Insurance Group, has Duojia Life Insurance (formerly Anbang Life Insurance), a subsidiary of Duojia Insurance Group, as its major shareholder. Duojia Life Insurance holds 42.01% of Dongyang Life Insurance's shares, and Anbang Group Holdings, a subsidiary of Duojia Life Insurance, owns 33.33%.

A Dongyang Life Insurance official said, "There is no change in the governance structure such as a change in major shareholders under Duojia Insurance Group due to the termination of entrusted management," and added, "We will strive toward the company's vision of becoming 'the best Asian financial company providing the finest insurance services.'"

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