SEOUL (Reuters) - China's Anbang Insurance Group signed an agreement to acquire German insurer Allianz's (DE:ALVG) South Korean units for an undisclosed amount, the two companies said in a joint statement on Wednesday.
Anbang will buy life insurance business Allianz Life Insurance Korea and asset management unit Allianz Global Investors Korea, the statement said. The transaction is subject to local regulatory approvals.
A South Korean newspaper reported earlier on Wednesday that had Anbang agreed to buy Allianz's life insurance unit for about 250 billion won (152 million pounds), citing unnamed sources in the insurance industry.