Deals
Anbang Will Prepare New Products as Three-Month Ban Lifted
- A majority of new products are said to be traditional policies
- Anbang’s Chairman Wu has been detained amid crackdown
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Anbang Insurance Group Co. is going back to basics.
The acquisitive Chinese firm, which landed in Beijing’s crosshairs after funding a global buyout spree with sales of high-yield investment products, is adopting a more traditional approach as it emerges from a three-month regulatory ban on new client offerings. Anbang is preparing to sell more than 20 new products, the majority of which are plain-vanilla, protection-type policies, according to people familiar with the matter.