How has Wu Xiaohui, the boss of China’s once high flying overseas asset buyer Anbang Insurance Group, misbehaved?
It’s been four weeks since the group said Wu can’t perform his duty “for personal reasons”, and has delegated his authority to other executives, following mainland media reports that he was taken away for investigation.
The answer is still unknown.
But in late June analysts discovered that the main earnings of the group, premium income from Anbang life insurance policies, had plunged in May to a mere one per cent of what it earned in January.
Data from the China Insurance Regulatory Commission (CIRC) data had showed that life insurance premium income for May was 56.5 million yuan, compared with 85.3 billion yuan in January 2017, after the regulator tightened rules on risky short-term policies.
The CIRC has barred Anbang Life Insurance Co. from issuing new products for three months since early May.