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May 2016 Allianz Group’s restructuring is underway. The German insurer had already taken the decision of asset sale within a context characterized by low interest rates. The announcement of its withdrawal from the Korean market has not been much of a surprise, especially that the subsidiary sustained losses of 244 million EUR (266 million USD) in 2015 and 51 million EUR (61 million USD) in 2014.
Allianz Korea has 1000 staff members and 1.2 million customers, a turnover of 1.7 billion EUR (1.8 billion USD) in 2015. Its new owner is now the Chinese insurer, Anbang insurance Group. Anbang is one of the Chinese companies that has made the largest number of acquisitions abroad over the past years.