Anbang Insurance in China says chairman no longer able to fulfill duties

Qilai Shen | Bloomberg | Getty Images

Wu Xiaohui, chairman and chief executive officer of Anbang Insurance Group.

Chinese insurer Anbang Insurance said on Tuesday its chairman was no longer able to fulfill his duties within the company for “personal reasons,” days after the firm denied its chairman was barred from leaving China.

In a brief statement released early morning Asian time, Anbang said Chairman Wu Xiaohui’s duties would be managed by other senior executives, and its business was operating normally.
Wu’s retreat from Anbang followed a string of high-profile overseas acquisitions by the Beijing-based Chinese insurer, which manages some 1.65 trillion yuan worth of assets.

But after a spate of successful dealmaking worth over $30 billion, Anbang ran into problems recently, including rumors about its chairman, failure to close a handful of investments, and criticisms about the firm’s governance.

When asked if Wu was within China or if he could be reached, a spokesperson for Anbang said the company has nothing to add at this point.

One of Anbang’s best-known investments include its 2015 purchase of New York’s landmark Waldorf Astoria hotel.