Insurer Set Up to Rescue Anbang Fills Long-Vacant General Manager Post, Sources Say

Dajia Insurance Group Co. Ltd., a state-owned entity created to salvage the troubled Anbang Insurance Group, has named Sun Xianliang as its new general manager, although this appointment still awaits regulatory approval [para. 1][para. 2]. Sun steps into a role vacated by Xu Jinghui in September 2021, who had been part of the leadership team overseeing Anbang's takeover by regulators in February 2018 [para. 3].

Sun Xianliang, in his early fifties and holding an MBA from Renmin University of China, brings a background from significant positions within China’s financial regulatory framework, despite lacking direct experience in insurance regulation. His previous roles include positions at the People’s Bank of China and the now-defunct China Banking and Insurance Regulatory Commission. Known for his pragmatic approach to management, Sun has been actively increasing his familiarity with the insurance sector since joining Dajia [para. 4][para. 5].

Upon officially assuming his new role as general manager, Sun will be responsible for managing Dajia’s asset disposition and ensuring the ongoing viability of its operations [para. 6]. Dajia was established in 2019 specifically to manage certain assets and operations inherited from Anbang following its collapse due to unsustainable debt levels from aggressive acquisition activities. The downfall of Anbang also led to its founder Wu Xiaohui receiving an 18-year prison sentence for fundraising fraud and embezzlement [para. 7].

The overarching strategy for Dajia involves selling off as many of Anbang's assets as feasible under regulatory guidance. This directive aligns with efforts by China Insurance Security Fund Co. Ltd. (CISFC), which funded Dajia's establishment, to eventually transition Dajia back to private ownership—a goal that has faced challenges leading CISFC to adjust strategies recently by attempting to sell parts of Dajia’s business individually [para. 8][para. 9].

Financially, Dajia has experienced fluctuations in investment returns and net assets over the past two years due primarily to volatility in bond and stock markets, further complicating its financial stability [para. 10].