Anbang Insurance Group announces that it has agreed to acquire Fidelity & Guaranty Life Insurance Company at USD 26.80 per share. This is the first time a Chinese enterprise has acquired an American life insurance company.
Fidelity & Guaranty Life was founded in 1959 and became publicly traded on the New York Stock Exchange in December 2013. It has insurance sales licenses in all 50 states in the USA and mainly offers annuity and life insurance services. In 2014, it was ranked sixth in the fixed indexed annuity market in the USA. Fidelity & Guaranty Life has sound business operations.
As one of the largest comprehensive insurance groups in China, Anbang has always followed the business concept of offering comprehensive financial solutions tailored to its customers. Anbang Insurance Group has subsidiaries under its flagship brand across the P&C insurance, life insurance, health insurance, pension insurance, asset management, financial leasing, and banking sectors. At present, Anbang Insurance Group has more than 30,000 employees serving over 30 million clients worldwide.
Since 2014, through several international M&A transactions, Anbang has established an insurance and financial service network covering Europe, Asia and North America. As cross-border cooperation and communication becomes a higher international priority, Anbang Insurance Group will provide corresponding financial and insurance services to enterprises and individuals all over the world.
Fidelity & Guaranty Life Insurance Company provides professional and advanced life insurance and annuity products in the US market. With Anbang’s long-term, diversified global investment strategy and globalized, comprehensive financial services platform, Fidelity & Guaranty Life Insurance Company will become even more competitive in the market by providing more products and professional services to its clients.
According to Anbang Insurance Group, the acquisition of Fidelity & Guaranty Life Insurance Company is expected to help the group better serve the financial needs of Chinese clients accessing global markets, while also serving the needs of global clients entering the Chinese market. Anbang Insurance Group aims to maintain long-term and stable cooperation with Fidelity & Guaranty Life Insurance Company and generate synergies in order to achieve a win-win partnership.
In the future, Anbang Insurance Group will continue seeking appropriate investment opportunities across the world, establish a complete network in line with its globalization strategy, gradually integrate its global resources, and ultimately offer high-quality, comprehensive financial services to its clients worldwide.