The sale comes after the Munich-based insurance company’s chief executive, Oliver Baete, put the South Korean businesses under review in a bid to release capital and focus on the firm’s more profitable businesses, reports Bloomberg.
Unconfirmed reports have suggested that Anbang could pay around $3m (£2.1m, €2.6m) for both businesses.
Beijing-based Anbang has been one of China’s most acquisitive conglomerates with purchases focused on real estate and insurance assets. Less than a week ago, the company withdrew a $14bn takeover bid for US hotel operator Starwood.
The Allianz deal marks Anbang’s second acquisition of a South Korean insurer and suggests that the company is refocusing on its core business.
Anbang bought a controlling stake in Tongyang Life Insurance for KRW1.13trn last year, also agreeing to buy HRG Group’s Fidelity & Guaranty Life for about $1.6bn in November, to expand in the US.
In early 2015 the company was granted approval to purchase Dutch insurer Vivat, having acquired Belgium-based insurer Fidea the previous year.