Allianz Completes Sale of S Korean Unit to Anbang

China’s Anbang Insurance Group has completed its acquisition of the South Korean life insurance unit of German-based Allianz.

Allianz made the announcement eight months after Anbang signed a deal to buy Allianz Life Insurance Korea for USD3 million.

Allianza said it carried out a multi-faceted review aimed at promoting long-term development of the company efore the sale went through.

The development comes after South Korea’s financial regulator, the Financial Services Commission, approved the deal by allowing the change in the largest shareholder of the German insurer.

The deal will give Anbang 100% stake in Allianz Life Insurance.

Anbang applied for approval in April after signing a deal to purchase the German firm for KRW3.6bn (USD3m) but the approval took longer than expected.

Anbang founded Anbang Group Holdings, a Hong Kong-based paper company, in order to purchase the German insurer.

Anbang Holdings also applied for FSC approval to take over a 33.3% stake in Tong Yang Life Insurance in late November to raise its total stake to 96.32%. –