Anbang Insurance Group, currently under government control, has sold Belgian insurer Fidea for EUR480m ($543m) to Swiss insurer Baloise Holding, according to a statement by the acquiring company.
Fidea reported premiums of CHF351.6m ($349m) for 2018, more than two thirds of which came from non-life business. Fidea’s non-life business mainly concentrates on the growth segments in the retail customer business and on business with small and medium-sized companies. Fidea is based in Antwerp and employs around 360 staff, who will transfer to Baloise under the deal.
Fidea was acquired by Anbang in May 2015 for EUR369m, during a period when the Chinese insurer embarked on a massive shopping spree, snapping up assets at home and abroad, fuelled by funds from short-term high-yield universal products.
Anbang's management was taken over by the insurance regulator in February 2018 as the authorities cracked down on malpractices and risks in the insurance sector. The regulator also extended a $10bn bailout loan to the insurance group and began selling Anbang's assets to repay the loan.
Earlier this month, Anbang sold two non-bank subsidiaries in South Korea —Tongyang Asset Management and ABL Asset Management — to Woori Financial Group.
Anbang is also looking to sell Dutch insurer Vivat which it had bought for EUR1 and into which it had injected funds of EUR1.35bn.