Allianz has pulled out of South Korea, selling its poorly performing business there to Anbang, the acquisitive Chinese group which last week failed in its quest to buy Starwood Hotels.
The disposal is a setback to the German insurer’s ambitions in Asia, where it sees growing scale as a way to hit its ambitious target of 5 per cent annual earnings growth. Last year, it teamed up with Baidu to offer digital insurance in China, and also expanded in the Philippines.
The group has been in South Korea for 17 years, owning life insurance and asset management businesses. Just after it bought into the country, it said it was “well on the way to combining Korean and western insurance expertise into an effective, profitable business approach”.
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