Tuesday, September 26, 2017

Anbang to invest US$2.67bn more in two Korean insurers

Anbang is reportedly planning to invest an additional W3 trillion (US$2.67 billion) in two Korean life firms it recently acquired — Tongyang Life Insurance and Allianz Life Insurance.

Sources at the Financial Supervisory Service of Korea said Anbang and its affiliates have already informed authorities about its investment proposal.

The source said Anbang is considering more investments in Tongyang and Allianz ahead of the Korean government’s planned adoption of more tightened regulations for the industry.

The Chinese insurance giant acquired 42% stake in Tongyang for W1.13 trillion in 2015 while Anbang Group Holdings acquired the entire stake in Allianz for W3.5 billion last year.

If the investment plans are confirmed, Anbang will be investing a combined W5 trillion in the two Korean firms.

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