According to media reports, German insurer Allianz is set to sell its 50% stake in its South Korean life insurance joint venture, Hana Life Insurance, to its partner Hana Financial Group.

The 50:50 joint venture was established in 2003 by Allianz and Hana Bank, a wholly owned subsidiary of Hana Financial Group. According to the Associated Press, Hana Financial is currently seeking approval from financial authorities for a 100% takeover.

ABC Money reports that Allianz’ decision to sell is in line with its strategy to focus on its 100%-owned subsidiaries such as its life insurance unit, Allianz Life Korea, and its local asset management business in Korea.

A statement from Hana Financial Group, cited by the Associated Press, revealed that the group plans to pursue the purchase in a bid to actively grow its life insurance business, which has been relatively weak.