[THE INVESTOR] Allianz Life Insurance Korea, a Korean insurer acquired by Anbang Group late last year, is announcing a new CEO this week amid growing uncertainties surrounding the Chinese owner, industry sources said on June 26.
The company is scheduled to hold a board meeting on June 29 to appoint Sun Lei, who has been COO at the firm, as new CEO in place of Jan Joris Louwerier, while a new COO possibly from Anbang is also likely to be named.
China’s Anbang risks weigh down on Tongyang, Allianz
China’s Anbang Insurance seeks more investment in Tongyang, Allianz
An Allianz official confirmed the board meeting to The Investor but declined to further elaborate on the executive reshuffle.
The new appointments come as Allianz is rebranding itself into AB Life Insurance in a bid to reveal its Chinese ownership more clearly.
Tongyang Life Insurance, another Korean insurance firm Anbang acquired in 2015, also replaced most of the management members, excluding CEO Koo Han-suh, with Chinese executives right after the acquisition.
The reshuffle at Allianz has been delayed largely due to the Chinese authorities’ corruption probe into local business leaders, including Anbang’s former Chairman Wu Wizohui who was arrested recently. The chairman who has been leading Anbang’s aggressive overseas buyouts in recent years stepped down last month, citing personal reasons.
Anbang Life Insurance took over a 63 percent stake in Tongyang for 1.13 trillion won (US$997 million) in 2015, while Anbang Group Holdings acquired the entire stake in Allianz for 3.5 billion won last year. The holding company, 100 percent owned by the insurance unit, also owns a 33.33 percent stake in Tongyang.
By Park Ga-young (firstname.lastname@example.org)