Friday, January 19, 2018

Allianz completes sale of Korean unit to Anbang

Allianz has completed of the sale of its Korean unit to China’s Anbang Insurance after an extensive review, which the German insurer said was aimed at securing long-term growth for its life insurance and asset management businesses in Korea.

No purchase price was disclosed, but the transaction gives Anbang Insurance a 100% stake in Allianz Global Investors Korea.

The acquisition talks started in April 2016, when Allianz announced that it would sell its Korean life insurance and asset management operations to Anbang, but it was only on September 25 that Korea’s Financial Services Commission finally approved the transaction.

Anbang’s acquisition of the business comes at a time of heightened tension on the Korean peninsula.

An Anbang official in Korea said the Chinese insurer will operate two life insurance firms and two asset management companies in the country.

 

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