Beijing-based Anbang Insurance Group is entering the Korean life insurance business with the purchase of Tongyang Life - a deal it calls a first for Chinese capital.

The deal is the second announced by Anbang this week. The acquisitive company, which last year acquired New York's Waldorf Astoria hotel, announced on Monday it agreed to buy and recapitalise Vivat - an insurer owned by the Dutch state - as part of a transaction worth as much as €1.7bn.

Its purchase of Tongyang, if completed, would be the first time a Chinese buyer has taken over a Korean financial company, according to a one-line statement on its website. No other details are given, including price. According to Yonhap, the Korean newswire, Anbang has agreed to buy a controlling 57 per cent stake worth Won1.1tn ($999m).