To understand how an obscure Chinese insurer has been able to fund a $13.5 billion acquisition spree since 2014, look no further than one of its top-selling products, Anbang Longevity Sure Win No. 1.
Offering returns of more than triple the benchmark bank deposit rate, Anbang Insurance Group Co. has used Sure Win No. 1 and similar policies to woo Chinese mom-and-pop investors. Now, the closely held company is mulling a far tougher pitch: Tapping foreign investors with an initial public offering in Hong Kong.