Allianz Korea to initiate boardroom shakeup

Leadership changes could have been hampered by the owner’s involvement in a corruption probe overseas

Allianz Korea to initiate boardroom shakeup

Insurance News

By Gabriel Olano

Allianz Life Insurance Korea, which was acquired by the controversial Anbang Group in late 2016, is set to announce a new chief executive and other top officials, according to industry sources.

The company is set to hold a board meeting on June 29, where Sun Lei, who has been the firm’s COO, will be appointed as CEO, replacing Jan Joris Louwerier. A new COO from Anbang could also be appointed, reports The Investor.

In tandem with the leadership changes, Allianz Korea is set to be rebranded as AB Life Insurance in order to reflect its new Chinese ownership, having been acquired by Anbang in 2016 for KRW3.5 billion (US$3.08 million).

Meanwhile, Tongyang Life Insurance, another Anbang-controlled insurer in the South Korean market, has replaced almost all of its top management with Chinese executives after its acquisition in 2015, leaving only CEO Koo Han-suh.

The leadership changes at Allianz could be delayed after Anbang was dragged into a corruption probe initiated by the Chinese government. Anbang’s former chairman, Wu Xiaohui, was reportedly arrested as part of the probe. The company’s official statement said that Wu, who led the insurer through a global acquisition spree over the past few years, had stepped down for “personal reasons”.

Related stories:
Anbang debacle could weigh down on its Korean ventures
Anbang crisis threatens entire Chinese financial sector – analysts
Anbang Insurance to increase investment in Korean market

Keep up with the latest news and events

Join our mailing list, it’s free!