World Economy

Allianz Seeks Buyers

Allianz Seeks BuyersAllianz Seeks Buyers

Europe’s largest insurer Allianz has put its South Korean life insurance business on the block as part of a global overhaul in a tough low-interest rate environment, sources with direct knowledge of the matter said, Reuters reported. The South Korean asset is attracting interest from Chinese names such as Anbang Insurance Group and Fosun International who are considering bidding, said the sources. One of the people said the asset is valued at $500 million. US insurer Prudential Financial and domestic South Korean financial institutions are also examining making a bid.