Anbang finalises leadership changes at Allianz Life Korea

New owner completes reorganization of subsidiary’s board ahead of rebranding efforts

Anbang finalises leadership changes at Allianz Life Korea

Insurance News

By Gabriel Olano

Allianz Life Insurance Korea, which was acquired by China’s Anbang Group in late 2016, has appointed a new CEO and CFO on Friday.

Sun Lei, who is currently the chief financial officer of Allianz Life Korea, will succeed Jan Joris Louwerier as chief executive officer, while Roy Guo will fill in the vacated CFO spot.

Guo joins Allianz Life from Maple Tree Financial Investment, an affiliate of Anbang based in Vancouver, Canada.

Anbang acquired Allianz Life Korea from its German parent company in 2016 for KRW3.5 billion (US$3.08 million). It will soon be rebranded as AB Life Insurance, to reflect its new Chinese ownership more clearly. Following these latest moves, the insurer’s board now consists of two Koreans and seven foreign individuals with Chinese backgrounds.

The insurer was supposed to announce the appointments earlier, but the board meeting was postponed due to the corruption probe launched by the Chinese government that scrutinized Anbang’s top brass and culminated with the arrest of its former chaiman Wu Xiaohui.

Related stories:
Allianz commercial arm to open Seoul branch
Anbang and acquisition’s former owners lock horns in legal battle
Allianz Korea to initiate boardroom shakeup

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