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Chinese firms seen to bid for top South Korea insurer

Chinese firms seen to bid for top South Korea insurer

Chinese firms seen to bid for top South Korea insurer
Chinese companies are expected to be among the potential bidders in the looming sale of ING Life Korea, one of the country’s largest life insurers.
 
The Wall Street Journal reported that Asian private-equity firm MBK Partners LP has started the sale process of ING Life, which could draw a deal worth over $USD3 billion.
 
The report said MBK has hired Morgan Stanley to shop its stake in ING Life, the fifth-largest insurance company by assets in South Korea.
 
Financial information may be released to potential bidders this week, according to the report.
 
Insiders revealed to The Wall Street Journal the potential buyers include South Korean and Chinese insurers including Ping An Insurance Group.
 
The newspaper noted that Chinese companies, particularly Beijing-based insurer Anbang Insurance, have been diving into South Korea’s financial industry while Western insurers are trying to exit the market.
 
Earlier this month, Anbang bought the South Korean operations of Germany’s Allianz SE for about USD$3 million.
 
It was Anbang’s second acquisition this year after taking over Tong Yang Life Insurance in February for USD$1 billion.