China-based Anbang Insurance Group has agreed to acquire Allianz Life Insurance Korea and Allianz Global Investors Korea.
The companies have signed a sale and purchase agreement, which is subject to local regulatory approvals.
Allianz said the deal follows its review to secure long-term growth for the units..
The acquisition of both units will allow Anbang and its affiliates to expand the operations in the Asian region.
The expanded Anbang group will provide clients with more competitive products and services through its global network.
Anbang Insurance Group said: "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."
Allianz SE member of the board of management responsible for Investments and Insurance Asia Pacific Maximilian Zimmerer said: "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."
Last November, Anbang signed an agreement to acquire US-based Fidelity & Guaranty Life (FGL), for around $1.57bn.
FGL has insurance sales licenses in all 50 states of the US. It offers professional and advanced life insurance and annuity products in the country.
Image: Anbang Insurance to acquire Allianz Life Insurance Korea and Allianz Global Investors Korea. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.