Anbang Insurance to increase investment in Korean market

If pushed through, major insurer’s investments in this market will reach approximately US$4.5 billion

Anbang Insurance to increase investment in Korean market

Insurance News

By Gabriel Olano

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.

Related stories:
Anbang Life gets three month ban from issuing new products
Anbang and Caixin cross swords
Anbang Insurance’s North American takeover ends up in failure

Keep up with the latest news and events

Join our mailing list, it’s free!