China's Anbang Insurance Group has signed an agreement to buy South Korea's life insurance and investment unit Allianz SE's for more than $3 million, the two companies announced on Wednesday.

The transaction follows an extensive review by Anbang to secure long-term growth for Allianz Life Insurance Korea and Allianz Global Investors Korea, said the statement.

The addition of Allianz Life Insurance Korea and Allianz Global Investors Korea to Anbang's global portfolio is expected to bring further opportunities for Anbang as well as its affiliates in Asia. The expanded group will be able to offer clients more competitive, innovative products and services through its extensive global network and the considerable capital strength of Anbang.

"We are very excited to make another investment in Korea through Allianz Life Insurance Korea and Allianz Global Investors Korea. 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 Yao Dafeng, Asia head of Anbang Insurance Group.

Maximilian Zimmerer, member of the board of management of Allianz SE responsible for Investments and Insurance Asia Pacific said, "I am convinced that Anbang Insurance Group is in a very good position to nurture the company into an even stronger organization with a successful future."

Established in 1954, Allianz Life Insurance Korea serves 1.1 million clients. Its 2015 year-end assets totaled $15 billion.

The high-profile companies that Anbang has bought include: the Waldorf Astoria Hotel in New York, US life insurance provider Fidelity and Guaranty Life, Belgium's Fidea Assurances and Delta Lloyd Bank, and Dutch insurance company VIVAT. Anbang has also taken a controlling stake in South Korea's Tong Yang Life.