China's Anbang Insurance Group has confirmed that it has bought a controlling stake in South Korean life insurance company Tong Yang, as first reported yesterday (IAR, 16 February, Anbang negotiating control of South Korean life insurer).
The company posted a short statement on its website confirming that it had made the purchase and stating this was the first entry of a Chinese insurer into the South Korean insurance market.
According to news agencies, Tong Yang said in a regulatory filing that Anbang will pay $1bn for a 63% stake. The stake is being bought from Korean buyout firm Vogo Fund and two other shareholders.
The news comes a day after Anbang announced it had bought outright the Dutch insurance company Vivat, saying this was the first time that a Chinese insurer had entered the Dutch insurance market.