Wu appeared in court in Shanghai a month later accused of, among other things, illegal fundraising by siphoning insurance premiums and diverting money into his personal accounts.
He defended his actions at trial saying that his lack of understanding of Chinese law meant that he did not know his actions were criminal.
He had been facing life in prison.
According to media reports, Wu wept openly in court in March as he pleaded for leniency.
Writing on the wall
Anbang started as a car insurance company in 2004 and has since become one of the biggest insurers in China.
The company went on a global acquisition spree between 2012 and 2016 valued at more than $25.2bn (£18.6bn, €21.3bn). Among the assets acquired was New York’s Waldorf Astoria hotel.
There were indications in April 2017 that all was not well at the company, when it was forced to rebut rumours that it was taking out risky loans.
At the same time, the CIRC issued a warning about corruption in the sector.
Wu was forced to hand over control of the company in June.