The German-based Allianz officially announced the sale of its South Korean life insurance unit to China's Anbang Insurance Group.
The announcement was made on Friday (German time), eights months after Anbang signed a deal to buy Allianz Life Insurance Korea for $3 million. The German insuer said it carried out a multi-faceted review aimed at promoting long-term development of the company before the sale went through. Anbang, based in Beijing and known for its aggressive global acquisition drive, earlier bought a controlling stake in Tongyang Life Insurance Co. and now holds the fifth-largest share of the South Korean life insurance market. |
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