ABL Life Insurance Co. Ltd., a South Korean unit of China's Anbang Insurance Group Co. Ltd., launched a new wholly owned subsidiary specializing in insurance sales in South Korea, Yonhap News Agency reported Jan. 3.

The new unit, which is called ABA Financial Services Co. Ltd., has a paid-up capital of 7 billion won and a nationwide network of 16 branches.

As of Jan. 3, US$1 was equivalent to 1,119.82 South Korean won.