trending Market Intelligence /marketintelligence/en/news-insights/trending/47bveaqjmnx5dsv0wkwgvq2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

UPDATE: Trial of former Anbang head begins

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February

Lemonade Growing Premiums Faster Than Esurance's Homeowners Business Did


UPDATE: Trial of former Anbang head begins

Former Anbang Insurance Group Co. Ltd. Chairman Wu Xiaohui's trial began at a Shanghai court over alleged fraudulent fundraising and embezzlement.

The trial began March 28, according to the No. 1 Shanghai Intermediate People's Court official microblog account.

The court accused Wu of masterminding a fraud that involves 65.248 billion yuan, and of obtaining the control of Anbang Insurance Group and its subsidiaries through capital replenishment in June 2011, and March and December 2014.

As of Dec. 1, 2014, Wu controlled Anbang Insurance Group through 37 companies with a combined stake of 98.22%. The court said Anbang's last two capital replenishment in 2014 were funded by premium income excessively raised by Anbang Property and Casualty Insurance. Wu, through layered transfers, disguised the funds as 31 companies' own funds to replenish Anbang Insurance Group's capital, the court added.

It also accused Wu of using Anbang as a financing platform by instructing the company to develop insurance products resembling wealth management products and directing the falsification of financial statements and other documents to obtain regulatory approval for the products to generate premiums from customers.

The court said, as of Jan. 5, 2017, Anbang had sold investment-type insurance products to 10.56 million people, and the amount was 723.87 billion yuan more than the CIRC approved.

Wu objected to the allegations brought against him, saying that he was not aware that his actions constituted criminal activity.

Premiums from these high-risk products, which have now been largely prohibited by the insurance regulator, funded the acquisitions that drove Anbang to global prominence in recent years, including the Waldorf Astoria hotel in New York and stakes in Chinese banks.

In February, the China Insurance Regulatory Commission seized control of Anbang, saying that the company allegedly broke insurance laws and damaged its abilities to pay claims and debt. The regulator said it would initially take control of Anbang for one year, which would be extended if the company's operations did not return to "normal."