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Anbang Insurance Plans IPO for Life-Insurance Unit
Preferred listing location is Hong Kong
By JULIE STEINBERG, ALEC MACFARLANE and KANE WU
Updated Aug. 23, 2016 6:06 a.m. ET
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HONG KONG—Anbang Insurance Group Co. is planning an initial public offering of its life-insurance unit, a move that will increase disclosure at the secretive company as it tries to become a global player, according to people familiar with the matter.
The Beijing-based insurer has in recent weeks begun early discussions with investment banks about the prospect of an IPO for Anbang Life Insurance Co., the people said. The IPO could happen by the middle of next year if things proceed as planned, one of the people said. The preferred listing location is Hong Kong.
Going public has become a top initiative for parent company Anbang, alongside acquiring real estate, banks and insurance firms world-wide, according to the people. The wider group has no immediate plans to go public, another person said. The valuation of the life-insurance unit couldn’t be learned.
Anbang has spent billions of dollars in recent years to acquire insurers and property assets. It spent 1.95 billion dollars to buy the Waldorf Astoria in Manhattan last year and earlier this year made a 14 billion dollars failed attempt to take over Starwood Hotels & Resorts Worldwide Inc. Starwood ultimately agreed to a 13.4 billion dollars deal from Marriott International Inc. after Anbang withdrew its bid.
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