Anbang Defies Insurance Downturn With Surging Premiums
(Beijing) – Anbang Insurance Group, the aggressive private insurer that owns the Waldorf Astoria in New York, has reported a surge in premiums apparently driven by sales of investment-linked policies, even as a regulatory crackdown on the products that's led to a slump in similar business at its rivals.
Premium income at Anbang's main subsidiary, Anbang Life Insurance, surged almost fivefold in June, reaching 34.1 billion yuan, new data from the China Insurance Regulatory Commission (CIRC) show. Sources close to the situation said sales of investment-linked products were the main contributor to the increase.
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