China’s banking and insurance regulator has approved a $9.7 billion injection into Anbang Insurance Group.
The injection is aimed at ensuring Anbang’s solvency and protecting policyholders’ interests, said the China Insurance Regulatory Commission.
The capital will come from the China Insurance Security Fund, an industry-funded body that bails out troubled insurers and which had a balance of 116 billion yuan ($18.4 billion) as of January 2018. It plans to hold its stake in Anbang only temporarily.
