New unit to assume Anbang assets

China has created a new insurance group to take over the main operations of Anbang Insurance Group Co., the conglomerate that’s under state control.

Beijing-based Dajia Insurance Group, has CNY20.4 billion (USD3 billion) of registered capital and will provide insurance services as approved by the China Banking and Insurance Regulatory Commission, according to online statements issued by the National Enterprise Credit Information Publicity System.

Chinese regulators have started soliciting offers for stakes in the domestic business of Anbang, which is being taken over by Dajia Insurance, according to a report by Caixin Global.

China Insurance Security Fund Co., the industry body that’s currently the controlling shareholder of Anbang, owns 98.2 percent of Dajia Insurance.