(Yicai Global) April 27 -- Anbang Life Insurance Co.'s assets have reached CNY1.45 trillion (USD210 billion) according to its latest financial report, with overseas assets hitting more than CNY900 billion and making up more than 60 percent of the total.
Last year, the life insurance division netted CNY15 billion in profit, falling by around 20 percent from CNY18.9 billion a year earlier. By the end of last year, its solvency adequacy ratio was 150 percent. Of the CNY210 billion in revenue generated, insurance and investment incomes totaled CNY137 billion and CNY46 billion respectively, both rising 60 percent on the year.
Anbang Life Insurance, incorporated in 2010, owns a number of overseas firms, including Nagelmackers nv, Fidea nv, Belgium-based Vivat Verze, Allianz Life Insurance Korea, Mighty Group Ltd. and Wisdom Express Development Ltd., the Beijing News reported today.
The strategic focus of the company over the next three decades will be elderly care and health care, said Wu Xiaohui, chairman of Anbang Insurance Group, in an interview at the company's headquarters in Beijing. Anbang will also follow China's One Belt, One Road initiative, he added, saying overseas investments were all made with international financing rather than foreign currency, and it can bring foreign currency into China by buying bonds in China Development Bank on the overseas market.