News Life and Health17 Jul 2018

China:Anbang mulls sale of health insurance unit

17 Jul 2018

Anbang Insurance Group is considering the sale of its Hexie Health Insurance unit as it reviews its assets for possible divestment, reports Boomberg citing people familiar with the matter.

The insurer is in discussions with financial advisers about a possible disposal of the health insurance unit after receiving interest, the people said, asking not to be identified because the matter is private.

A sale of Hexie Health would be the first major local asset sale for Beijing-based Anbang since the government seized temporary control of the insurer in February amid a drive to curb financial system risk.

Hexie Health provides services ranging from disease management, medical care, disability care, health care and accident insurance. Its net income jumped more than fivefold to CNY2.7bn ($405m) in 2016 from the previous year, after revenue from premiums more than tripled on the sale of short term universal health insurance products.

Considerations about a possible sale of Hexie Health are preliminary, no formal process is under way and discussions may not result in a deal, the people said. A spokesman for Anbang said the company doesn’t comment on speculation.

The Chinese firm said earlier this year it was reviewing all of its overseas assets. Anbang is exploring a sale of Belgian insurer Fidea, people familiar with the matter said this month.


 

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