Anbang Insurance Group was a Chinese holding company whose subsidiaries mainly deal with insurance, banking, and financial services based in Beijing. As of February 2017, the company had assets worth more than (US$301 billion).[1] The Financial Times described Anbang as "one of China’s most politically connected companies."[2]
Anbang was founded by Wu Xiaohui in 2004 as a regional car insurance company. Chen Xiaolu, a prominent princeling and son of Marshal Chen Yi, served as an early director, although Chen stated that he was merely an advisor and not a shareholder.[3] Its founding shareholders included state-owned car maker Shanghai Automotive Industries Corp., which held a 20% stake. In 2005, state-owned oil company Sinopec bought a 20% share in Anbang.[4]