April 2024

By Anna J. Park | The Korea Times | April 25, 2023

Main bidding to take place as early as June

Woori Financial Group has jumped into the bidding competition to acquire Lotte Insurance, industry sources said Thursday. Woori Financial is the only major domestic financial group that does not have an insurance affiliate, and the group has long outwardly spoken about its intention to strengthen its non-banking business through acquisitions.Read More »Woori Financial joins bid for Lotte Insurance

By Choi Ji-won | The Korea Herald | April 24, 2024

Korean life insurer secures 40% stake in Jakarta-based Nobu Bank

Hanwha Life, a leading Korean insurance company and the life insurance subsidiary of Hanwha Group, has made a strategic move into the Indonesian banking sector through a stake investment.Read More »Hanwha Life taps into global banking through fresh investment in Indonesia

By Hyeong-Gyo Seo | The Korea Economic Daily | April 24, 2024

Korea’s second-largest insurer will buy a 40% stake in Nobu Bank to tap into the Southeast Asian banking industry

South Korea’s second-largest insurer Hanwha Life Insurance Co., with 109 trillion won ($79.4 billion) in total assets as of end-September 2023, said on Wednesday it will buy shares in a banking unit of Indonesian conglomerate Lippo Group to expand its business in Southeast Asia, which is experiencing strong economic growth with fast-growing middle-class populations.Read More »Hanwha Life to buy stake in Indonesia’s Lippo-owned bank

By Seok-Cheol Choi | The Korea Economic Daily | April 23, 2024

Seoul-based PE firm JKL is set to sell a 77% stake in the insurer, which turned a profit year

Lotte Group’s non-life insurance affiliate Lotte Insurance Co., has been put up for sale at around 2 trillion won ($1.5 billion), according to banking sources said on Tuesday.Read More »Korea’s Lotte Insurance put on market for around $1.5 bn

By Yi Whan-woo | The Korea Times | April 10, 2024

Life insurance companies are progressively rolling out products aimed at covering medical expenses related to cancer, diseases, and other health threats amid a rapidly changing demographic landscape, according to industry officials, Wednesday.Read More »Demographic crisis drives life insurers into non-life insurance sector

By Lee Yeon-woo | The Korea Times | April 6, 2024

Samsung Fire & Marine Insurance has stopped offering bancassurance services, after operating in the field for 21 years.Read More »Samsung Fire & Marine Insurance ends bancassurance business

By Lee Kyung-min | The Korea Times | April 3, 2024

The term of Heungkuk Life Insurance CEO Lim Hyung-joon was extended for a year at a shareholders meeting on Friday.Read More »Ex-BOK deputy governor renews term as Heungkuk Life CEO