Dajia Insurance Closes Book on Anbang’s Global Empire With Final Asset Sales
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Dajia was established in 2019 to take over Anbang’s viable operations
Dajia Insurance Group Co. Ltd., the state-owned company created to clean up the wreckage of Anbang Insurance Group Co. Ltd., has completed its final divestment of overseas financial holdings, bringing an end to a years-long, government-led unwinding of one of China’s most aggressive private conglomerates.
The asset sales close a turbulent chapter in Chinese finance, culminating in the dismantling of Anbang, built by now-imprisoned founder Wu Xiaohui. The final disposals include two South Korean life insurers and Belgium’s Nagelmackers Bank — assets originally acquired in 2015 and 2016 as part of Anbang’s debt-fueled global buying spree.
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- Dajia Insurance Group, created to unwind Anbang Insurance, has sold all its overseas financial assets, ending a multi-year regulatory cleanup.
- Final divestments included Tongyang Life and ABL Life in South Korea (sold for $1.14 billion) and Belgium’s Nagelmackers Bank.
- Anbang’s collapse stemmed from aggressive, debt-fueled global acquisitions; regulators seized it in 2018, and founder Wu Xiaohui received an 18-year prison sentence.
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Who’s Who
- Dajia Insurance Group Co. Ltd.
- Dajia Insurance Group Co. Ltd. is a state-owned Chinese company established in 2019. It was created to manage and divest the assets of the former Anbang Insurance Group, following Anbang's seizure by the Chinese government due to its risky financial practices. Dajia recently completed its final divestment of Anbang's overseas financial holdings, including two South Korean life insurers and a Belgian bank, marking the end of a multi-year regulatory cleanup.
- Anbang Insurance Group Co. Ltd.
- Anbang Insurance Group Co. Ltd. was a Chinese conglomerate known for its aggressive global buying spree, fueled by debt and high-yield investment products. Beijing seized control of Anbang in 2018 due to concerns about its ownership, risky acquisitions, and mounting financial liabilities. Its founder, Wu Xiaohui, was imprisoned. Dajia Insurance Group Co. Ltd. was created to divest Anbang's assets.
- Woori Financial Group
- Woori Financial Group, a South Korean company, recently acquired Tongyang Life Insurance Co. Ltd. and ABL Life Insurance Co. Ltd. from Dajia Insurance Group. This acquisition, finalized on July 1, was part of Woori's strategy to expand its non-banking portfolio.
- Tongyang Life Insurance Co. Ltd.
- Tongyang Life Insurance Co. Ltd. is a South Korean life insurer that was acquired by Anbang Insurance Group in 2015 for about $1 billion. Anbang later increased its stake to 75.34%. In 2024, Dajia Insurance Group, which took over Anbang's assets, sold Tongyang Life Insurance to Woori Financial Group for 1.28 trillion won ($1.14 billion).
- ABL Life Insurance Co. Ltd.
- ABL Life Insurance Co. Ltd. is a South Korean life insurer. Anbang acquired it from Germany's Allianz in 2016. Dajia Insurance Group Co. Ltd. later sold ABL Life Insurance to South Korea's Woori Financial Group for 265.4 billion won ($1.14 billion) in July 2024.
- La Caisse d’Epargne Hauts de France
- La Caisse d’Epargne Hauts de France, a regional unit of the banking group BPCE, acquired 100% of Belgium's Nagelmackers Bank in March after securing regulatory approval. This acquisition was part of the final divestment of overseas financial holdings by Dajia Insurance Group Co. Ltd., which took over Anbang Insurance Group's assets after its collapse.
- BPCE
- BPCE, a French banking giant, acquired Nagelmackers Bank in March through its regional unit, La Caisse d’Epargne Hauts de France. This acquisition was part of Dajia Insurance Group Co. Ltd.'s final divestment of overseas financial holdings from the former Anbang Insurance Group Co. Ltd.
- Allianz
- Anbang Insurance Group acquired ABL Life from Germany's Allianz in 2016 for just under $2 million. This was part of Anbang's strategy to transplant its high-growth model into the Korean insurance market.
- Nagelmackers Bank
- Nagelmackers Bank, a Belgian private bank, was acquired by Anbang Insurance Group in late 2014 for 296 million euros. After Anbang's seizure by the Chinese government, Nagelmackers became a part of Dajia Insurance Group. Dajia restructured the bank, and it was ultimately sold to France's La Caisse d’Epargne Hauts de France in March as part of Dajia's final divestment of overseas financial holdings.
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What Happened When
- 2014：
- Anbang’s aggressive expansion strategy began, including acquisition of overseas assets such as the Waldorf Astoria Hotel.
- Late 2014：
- Anbang acquired Belgium’s Nagelmackers Bank for 296 million euros.
- 2015：
- Anbang acquired Tongyang Life Insurance Co. Ltd. for roughly $1 billion.
- 2015：
- Anbang acquired a stake in ABL Life Insurance Co. Ltd. from Germany’s Allianz.
- 2015：
- Tongyang Life stock price peaked above 15,000 won per share.
- 2016：
- Anbang acquired ABL Life Insurance Co. Ltd. from Germany’s Allianz for just under $2 million.
- 2018：
- Chinese regulators seized control of Anbang Insurance Group due to systemic risks, opaque ownership, and mounting liabilities.
- By mid-year 2018：
- Anbang was insolvent, with liabilities exceeding assets by 82.8 billion yuan.
- 2019：
- Dajia Insurance Group was established to take over Anbang’s viable operations.
- Shortly afterwards in 2019：
- Wu Xiaohui, Anbang’s founder, was sentenced to 18 years in prison for fundraising fraud and embezzlement.
- By the end of 2024：
- Tongyang Life’s stock price dropped to around 4,000 won per share.
- May 2024：
- Woori Financial Group began talks with Dajia to acquire Tongyang Life and ABL Life.
- August 2024：
- A deal was signed for Woori to purchase Tongyang Life and ABL Life from Dajia.
- By August 2024：
- Reports surfaced that BPCE was in talks to buy Nagelmackers Bank from Dajia.
- March 2025：
- La Caisse d’Epargne Hauts de France (BPCE) disclosed the acquisition of 100% of Nagelmackers Bank after regulatory approval.
- July 1, 2025：
- Woori Financial Group announced the finalized purchase of Tongyang Life and ABL Life from Dajia for 1.55 trillion won.
AI generated, for reference only
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