June 28, 2019 / 7:30 AM / 6 months ago

China forms new insurance group to take over Anbang's assets: document

BEIJING (Reuters) - China has formed a new company called Dajia Insurance Group to take over the assets of Anbang Insurance Group, a government document showed.

China Insurance Securities Fund, the controlling stakeholder of Anbang currently, owns 98.2% of Dajia Insurance, while Shanghai Automotive Industry Corp holds 1.2%, and China Petrochemical Corp the rest, a document of the National Enterprise Credit Information Publicity System showed.

The new insurance group has a registered capital of 20.4 billion yuan ($2.97 billion), the document showed.

($1 = 6.8654 Chinese yuan renminbi)

Reporting by Beijing Monitoring Desk, Cheng Leng and Ryan Woo; Editing by Muralikumar Anantharaman

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