Anbang Insurance Group, the troubled Chinese parent company of insurance company Vivat, is under guardianship in China for at least another year. That is what the team of government administrators from the Chinese government has announced.
Anbang has been under guardianship since February last year. Since then, efforts have been made to improve the financial position of the group. Because of a big acquisition hunger, Anbang built up a huge debt mountain. The former CEO, Wu Xiaohui, was sentenced to a year-long prison sentence for fraud and corruption last year.
The conglomerate wants to get rid of Vivat in the Netherlands, and hopes to get 2 billion euros according to experts. Anbang bought the Dutch insurer, the parent company of brands like Zwitserleven, Reaal and Actiam, in 2015. According to sources, investors like Blackstone, CVC, Cinven and industry partners Aegon, ASR and Allianz are interested.