Beijing-based Anbang Insurance Group is reportedly planning to divest its domestic insurance operations Hexie Health Insurance to Fujia Group as part of its plan to sell assets and scale down global footprint.

Hexie Health offers a number of services, including disease management, disability care, health care, medical care and accident insurance in China.

In 2016, the company’s net income increased more than fivefold to RMB2.7bn ($398m) from the previous year, after revenue from premiums more than tripled, according to Bloomberg News.

Additionally, the Chinese insurer is planning to sell its Manhattan office building that houses its US headquarters. It is also considering to offload hotels and other businesses.

In June last year, the Chinese government has taken full ownership of struggling Anbang Insurance Group following revelation of widespread irregularities, in a bid to protect consumer interests and crack down on financial risk.

In February 2018, the China Insurance Regulatory Commission (CIRC) seized control of Anbang Insurance for a year. CIRC blamed Anbang for violating laws and regulations that may seriously jeopardise the solvency of the company.

Subsequently, the Chinese authorities have transferred nearly 98.23% ownership of Anbang to a government-controlled fund, China Insurance Security Fund, which had already infused RMB60.804bn ($9.65bn) into the troubled company.

Until a private shareholder is found, the insurer will operate as a state-owned enterprise.

Cerberus Capital Management, Swiss Re and Temasek Holdings along with other parties held preliminary discussions about buying a stake in Anbang in October last year, reported the news agency.