Anbang Insurance Group of China is looking to make additional investments in two South Korean companies it acquired recently.
The investments in Tongyang Life Insurance and
Allianz Life Insurance could total up to KRW 3 trillion (US$2.67 billion), sources say.
Korean-language financial publication
The Bell, citing anonymous sources, reported that the controversial Chinese insurer and its affiliates have informed authorities about their investment plan.
Anbang Life Insurance bought a 42% stake in Tongyang in 2015 for KRW1.13 trillion (US$1 billion), while Anbang Group Holdings bought the entirety of Allianz Korea for KRW2.5 billion (US$3.13 million) in 2016. The holding company also has a 33.33% stake in Tongyang.
“Anbang is considering more investments in Tongyang and Allianz ahead of the Korean government’s planned adoption of more tightened regulations for the insurance industry,” a source from the Financial Supervisory Service was quoted.
If the investment pushes through, Anbang will have invested a total of KRW5 trillion (US$4.47 billion) in the two South Korean insurers.
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