The plan of South Korea insurer Shinhan Financial Group to integrate the businesses of newly acquired Orange Life into a single Shinhan Life identity has been delayed, according to a report.
Shinhan acquired Orange Life, formerly ING Life Insurance Korea, early last year in a deal worth approximately KRW2.3 trillion (about US$2.05 billion). The group had planned to integrate its new acquisition into a single brand identity before the end of 2021.
Read more: ING Insurance Korea rebrands as Orange Life
However, Korea Times reported that Orange Life’s 2019 net profit of KRW160.6 billion (around US$134 million) exceeded Shinhan Life’s own net profit of KRW123.9 billion (around US102 million), prompting the group’s management to rethink their strategy.
“We are readjusting schedules for the integration through negotiations with the group,” an official from Shinhan Life told Korea Times. “Even if no details have been fixed over the plan as of now, Shinhan will push ahead with the integration in the end.”
