Allianz is selling subsidiary Allianz Global Investors Korea to Beijing-based Anbang Insurance Group.
Anbang also agreed to purchase Allianz Life Insurance Korea. Financial details of the deal — which is subject to local regulatory approvals — could not be learned by press time.
The deal follows an extensive review by Allianz into securing long-term growth for the two businesses. AGI Korea has about €11 billion ($12.5 billion) in assets under management.
A spokesman for Allianz Global Investors said after the deal is completed, “we will continue to have institutional clients in Korea, which we will serve on an offshore basis, providing access to strategies available through our global investment platform,” he said in an e-mail.
“I am convinced that Anbang Insurance Group is in a very good position to nurture the company into an even stronger organization with a successful future,” said Maximilian Zimmerer, member of the board of management of Allianz SE, responsible for investments and insurance, Asia-Pacific, in a joint news release from Allianz and Anbang.
“We are very excited to make another investment in Korea through Allianz Life Insurance Korea and Allianz Global Investors Korea. The acquisition is consistent with Anbang’s investment strategy, which is focused on globalization, and we are committed to being a strong partner and long-term contributor to the growth of the financial industry in Korea,” Anbang Insurance Group said in the news release.