Dajia Insurance Group established four subsidiaries to take over parts of Anbang Insurance Group Co. Ltd.'s businesses, Caixin reported.
Chinese authorities formed Dajia as part of the effort to restructure Anbang following the government's takeover of the Beijing-based insurer in February.
Dajia's newly formed units will hold Anbang's life insurance, property and casualty insurance, annuity insurance and asset management businesses.
Dajia Property and Casualty Insurance Co. Ltd. offers insurance coverage for property loss, liability, credit and guarantee, short-term health, and accident and injury. The other businesses will be renamed to Dajia Life from Anbang Life, Dajia Pension from Anbang Pension and Dajia Asset Management from Anbang Asset Management.
The name change will not affect the rights and obligations stipulated in contracts and agreements that Anbang and its insurance subsidiaries previously entered into, according to the report.
The takeover also led to a change of shareholders in companies where Anbang held stakes, such as China Merchants Bank Co. Ltd., China Minsheng Banking Corp. Ltd. and Chang Chun Eurasia Group Co. Ltd. Dajia Life now owns 4.99% of China Merchants, 17.84% of China Minsheng and 14.99% of Eurasia, the news outlet reported.
