The Korea Times | July 12, 2024
The capital adequacy ratio of Korean insurance companies deteriorated in the first quarter of the year, data showed Friday.Read More »Capital adequacy ratio of insurance firms falls in Q1
By Jun-Ho Cha, Seok-Cheol Choi and Jae-Won Park | The Korea Economic Daily | June 26,2024
Woori to buy Tongyang, ABL, not to bid on Lotte Insurance, dampening other insurers’ hopes to sell their stakes to the group
Woori Financial Group Inc., South Korea’s fourth-largest financial services holding company, is set to acquire China’s Dajia Insurance Group Co.’s insurers in Korea for up to an estimated $2.2 billion to strengthen its non-banking businesses.Read More »Woori to buy Dajia’s insurers in Korea for up to $2.2 bn
Move aims for enhanced synergy and market growth
By Roxanne Libatique | Insurance Business | June 04, 2024
Global property and casualty (P&C) insurance company Chubb is merging its three Korean subsidiaries under the Lina brand to streamline operations and enhance brand synergy.Read More »Chubb unifies Korean insurance operations under Lina brand
By Reuters | May 16, 2024
May 16 (Reuters) – U.S. insurer American International Group (AIG.N), opens new tab said on Thursday it would sell a 20% stake in Corebridge Financial (CRBG.N), opens new tab to Japan’s Nippon Life Insurance for $3.8 billion.Read More »AIG to sell 20% stake in Corebridge to Japan’s Nippon Life for $3.8 bln
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