The newly established Dajia Insurance Group will absorb Anbang Insurance Group’s life, pension and asset management businesses, according to a May 2019 statement from the China Banking and Insurance Regulatory Commission. Dajia Baoxian, which translates to “Everyone Insurance,” will engage in businesses ranging from insurance underwriting to consulting and brokering.

Some investment-type policies sold by Anbang in excess of quotas assigned by the government (for up to 724 billion yuan or $105 billion) will not be transferred to the new entity.

With this move, the Chinese government is taking a major step in its efforts to sell a strategic stake in Anbang, the acquisitive insurer it took over in 2018 amid a fraud investigation into its former chairman. The government wants to reduce its ownership by February 2020.

Anbang has already sold assets, including Fidea in Belgium and Vivat in the Netherlands and is now is seeking to turn itself into a traditional life insurer less dependent on high-yield investment products.