SINGAPORE - China's Anbang Insurance Group has signed an agreement to buy Allianz's South Korean life insurance unit and Allianz Global Investors Korea for an undisclosed amount, the companies said in a joint statement on Wednesday (April 6).

In an earlier report, the Korea Economic Daily said Allianz Life Insurance Korea would be acquired for about 250 billion won (S$292.7 million)). Allianz Global Investors Korea was set up in 2000 by Allianz and Korea's Hana Bank to providing services for institutional and private investors.

The companies said the planned acquisition is expected to bring further opportunities for Anbang as well as its affiliates in Asia. The transaction is subject to local regulatory approvals.

"The acquisition is consistent with Anbang's investment strategy which is focused on globalization and we are committed to being a strong partner and long-term contributor to the growth of the financial industry in Korea," said Anbang.

The Chinese firm has made a string of overseas aquisitions in the last few years, including New York's iconic Waldorf Astoria Hotel. But last week it dropped a US$14 billion bid for Starwood Hotels & Resorts Worldwide, paving the way for a rival bid by Marriott International.