China's Anbang agrees to buy Allianz S.Korean life insurance unit-Korea Economic Daily

TONGYANG Life Insurance

06/04/2016 01:05

SEOUL, April 6 (Reuters) - China's Anbang Insurance Group 
has signed an agreement to buy Allianz's  ALVG.DE  South Korean 
life insurance unit for about 250 billion won ($215.79 million), 
a South Korean newspaper reported on Wednesday.  
    Allianz and Anbang signed the sale agreement on Tuesday, 
with executives of Anbang, Allianz and Anbang-controlled 
Tongyang Life Insurance  082640.KS  planning to visit local 
financial regulators on Wednesday to explain the agreement, the 
Korea Economic Daily reported citing unnamed sources in the 
insurance industry.  
    A spokesman for Allianz' Korean unit could not be 
immediately reached. Allianz had put the unit up for sale as 
part of a global overhaul in a tough low-interest rate 
environment.  urn:newsml:reuters.com:*:nL3N1631E8 
 
($1 = 1,158.5400 won) 
 
 (Reporting by Joyce Lee; Editing by Michael Perry) 
 ((jungyoon.lee@thomsonreuters.com; +82 2 3704 5609; Reuters 
Messaging: jungyoon.lee.thomsonreuters.com@reuters.net)) 
 
Keywords: ALLIANZ SALE/ANBANG SOUTHKOREA