Anbang Insurance Group Co Ltd, a Chinese insurance giant, announced on Thursday that it is selling its health insurance arm, the first major domestic divestment after the government temporarily took over its operations last year.
Anbang Insurance Group, together with its property insurance subsidiary AnBang Property & Casualty Co Ltd, will sell Hexie Health Insurance Co Ltd to five companies, the announcement said.
Fujia Group Co Ltd, a Liaoning province-based petrochemicals-to-finance conglomerate, is set to be the new majority shareholder with a 51 percent stake.
The sale will take effect on the approval from the China Banking and Insurance Regulatory Commission, the top banking and insurance regulator, according to the announcement.
In February 2018, the then China Insurance Regulatory Commission took control of Anbang Insurance Group as the company was alleged to have violated a number of provisions, which had the potential to threaten its solvency.
The takeover is due to terminate in February next year.