Consolidation is trending in South Korea's life insurance sector, with industry players facing rising challenges amid prevailing low interest rates and looming new rules.
The Chinese insurer has poached a senior investment executive from its US rival and named a new chief financial officer after a government-ordered shakeup last year.
Australian bodies urge postponing IFRS 17 implementation; Swiss Re, Temasek and others weighs Anbang investment; HK retirement system criticised; Dai-Ichi invests into cybernetics, and more.
Anbang seeks to offload Japan property assets; Korea Post plans investments into several alt asset classes; CIC's fixed income head leaves; EPF adds tech mandate within PE allocation, and more.
Now in the hands of a state-controlled fund, the once-highly acquisitive Chinese insurer is expected to return to insurance basics before eventually being returned to the private sector.
Anbang’s fall should serve as a serious warning for other Chinese insurers looking to take advantage of insurance sales to help fund asset acquisitions.