, South Korea
111 view s

KB Financial Group to merge life insurance subsidiaries

The insurers merging are KB Life Insurance and Prudential Life Insurance of Korea.

South Korea’s KB Financial Group is merging two of its life insurance subsidiaries, namely KB Life Insurance and Prudential Life Insurance of Korea, according to a report by the Korea Times..

The two life insurance firms are set to be fully integrated into one entity by 2023.

In August 2020, KB Financial acquired a 100% stake in Prudential Life Insurance for $1.8b, marking Prudential’s exit in the Korea market. For a time since then, the two companies had worked separately.

KB Financial said that since 2021, the insurance firms have started to increasingly come under joint management, sharing computer systems, accounting, human resources as well as administrative support.

The official name of the two insurers will be revealed in the later half of this year.

You may also like: 

PayMaya launches online shopping insurance for customers

AIA total VONB up 18% to $3.3b in 2021

How YAS MicroInsurance puts a price on non-fungible tokens

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Income-Allianz failed merger shows popular opinion is king
The deal faced backlash from Singaporeans who thought it betrayed Income’s social mission.
Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.