By Yvonne Lau, Insurance Asia News | January 20, 2020<\/p>\n
Three South Korean private equity firms \u2014 MBK Partners, Hahn & Company and IMM Private Equity \u2014 have submitted letters of intent for a 100% acquisition of Prudential Life Korea, according to a Korean Investors report.<\/p>\n
<\/p>\n
Korea’s KB Financial Group and Taiwan\u2019s Fubon Financial Holdings also submitted letters for acquisition. Fubon Financial is the only potential foreign bidder.<\/p>\n
In early January, it was reported that Korean giant Woori Financial was also interested in the life insurer; but the group did not take part in the bid.<\/p>\n
Goldman Sachs has been appointed the deal underwriter; and is expected to make a shortlist of the potential buyers by next week.<\/p>\n
The sale is valued at an estimated US$1.7 billion \u2014 holding the potential to become Korea\u2019s largest acquisition deal of the year.<\/p>\n
Prudential Life Korea, a subsidiary of US-based Prudential Financial, was established in 1989. The Korean insurer has a strong market profile in the country, holding W20.19 trillion (US$17.1 billion) in total assets in the period ended June. The company\u2019s return on assets is 1.07%, the second-highest in the market, according to Pulse News Korea.<\/p>\n
Through the sale of its Korean business unit, Prudential Financial hopes for a sleeker overseas assets portfolio as US accounting standards undergoes a revamp.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Yvonne Lau, Insurance Asia News | January 20, 2020 Three South Korean private equity firms \u2014 MBK Partners, Hahn & Company and IMM Private Equity \u2014 have submitted letters of intent for a 100% acquisition of Prudential Life Korea, according to a Korean Investors report.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9,3],"tags":[],"class_list":["post-63","post","type-post","status-publish","format-standard","hentry","category-korea","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/63","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/comments?post=63"}],"version-history":[{"count":1,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/63\/revisions"}],"predecessor-version":[{"id":64,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/63\/revisions\/64"}],"wp:attachment":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/media?parent=63"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/categories?post=63"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/tags?post=63"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}