Takeover unveiled for insurance giant

China's banking and insurance regulator announced on Thursday that a new insurer has been set up to take over the assets of Anbang Insurance Group as part of stronger regulatory efforts to manage financial risk.

Approved by the China Banking and Insurance Regulatory Commission, Beijing-based Dajia Insurance Group was jointly established on June 25 by China Insurance Security Fund Co, SAIC Motor Corp and Sinopec, with a registered capital of 20.36 billion yuan ($2.97 billion).

The shareholding of the three companies in Dajia is 98.23 percent by CISF, 1.22 percent by SAIC and 0.55 percent by China Petrochemical, said the National Enterprise Credit Information Publicity System.