China's Anbang agrees to buy Allianz South Korean life insurance unit
[SEOUL] China's Anbang Insurance Group has signed an agreement to buy Allianz's South Korean life insurance unit for about 250 billion won (S$292.3 million), a South Korean newspaper reported on Wednesday.
Allianz and Anbang signed the sale agreement on Tuesday, with executives of Anbang, Allianz and Anbang-controlled Tongyang Life Insurance planning to visit local financial regulators on Wednesday to explain the agreement, the Korea Economic Daily reported citing unnamed sources in the insurance industry.
A spokesman for Allianz' Korean unit could not be immediately reached. Allianz had put the unit up for sale as part of a global overhaul in a tough low-interest rate environment.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
WSJ moves Asia headquarters from Hong Kong to Singapore
South Korea to slap fines on food suppliers for ‘shrinkflation’
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Live Nation’s revenue beats estimates as boom in concerts drive ticket sales
Jim Beam owner bets on canned vodka cocktails to double revenue