Insurer Anbang says chairman ‘unable to fulfill duties’

ANN@The China Post

Chairman and CEO of Anbang Insurance Group Wu Xiaohui has authorized other executives to carry out his work as he is “unable to fulfill his duties” for personal reason, the Chinese insurer said late on Tuesday.

Financial magazine Caijing reported earlier on Tuesday that Wu was taken away by investigators.

Rumors of Wu under investigation have gathered pace. The Financial Times said earlier that the 50-year-old chairman was barred from travelling outside the country.

Wu made his last public appearance on May 15 attending a reception at the Belgian ambassador’s residence, when he met with the Deputy Prime Minister of Belgium Kris Peeters who was in China for the Belt and Road Forum for International Cooperation, according to the company’s homepage.

In May, China Insurance Regulatory Commission banned Anbang Life Insurance from issuing any new products for three months after one of its annuity products was found to have violated rules.

Anbang has emerged as one of China’s most acquisitive conglomerate over the past three years, acquiring Waldorf Astoria hotel in New York, Belgian insurer Fidea Assurance, Belgian banking operations of Dutch insurer Delta Lloyd NV and Dutch insurance company VIVAT.

It also signed an agreement last year to buy South Korea’s life insurance and investment unit Allianz SE’s for over $3 million.