ALLIANZ completes sale of ALLIANZ Life Insurance Korea to ANBANG
The Munich-based ALLIANZ announced it successfully concluded the sale of its South Korean life insurance unit (ALLIANZ Life Insurance Korea) to China's ANBANG Insurance Group.
ALLIANZ announced in April 2016 that it would sell its South Korean life insurance operations to ANBANG. "The transaction followed an extensive review by ALLIANZ to secure long-term growth for ALLIANZ Life Insurance Korea", as the German-based insurer pointed out in a press release.
Previously, the Beijing-based insurer ANBANG bought a controlling stake in South Korean TONGYANG Life Insurance.