The FINANCIAL -- Anbang Insurance Group, a global insurance group headquartered in Beijing, China, and Allianz SE, an international financial services company headquartered in Munich, Germany, jointly announced in South Korea the signing of a sale and purchase agreement by which Allianz Group is to sell Allianz Life Insurance Korea and Allianz Global Investors Korea to Anbang Insurance Group.
The transaction follows an extensive review by Allianz to secure long-term growth for Allianz Life Insurance Korea and Allianz Global Investors Korea.
The addition of Allianz Life Insurance Korea and Allianz Global Investors Korea to Anbang’s global portfolio is expected to bring further opportunities for Anbang as well as its affiliates in Asia. The expanded group will be able to offer clients more competitive, innovative products and services through its extensive global network and the considerable capital strength of Anbang, according to Allianz.
“We are very excited to make another investment in Korea through Allianz Life Insurance Korea and Allianz Global Investors Korea. The acquisition is consistent with Anbang’s investment strategy which is focused on globalization and we are committed to being a strong partner and long-term contributor to the growth of the financial industry in Korea,” said Anbang Insurance Group.
Maximilian Zimmerer, member of the board of management of Allianz SE responsible for Investments and Insurance Asia Pacific, said, “I am convinced that Anbang Insurance Group is in a very good position to nurture the company into an even stronger organization with a successful future.”
The transaction is subject to local regulatory approvals.