Kim Nam-gu, chairman of Korea Financial Group, has formalized the acquisition of an insurance company.
After the 23rd annual shareholders' meeting held at the headquarters of Korea Investment & Securities in Yeouido, Seoul, on the 28th, Chairman Kim met with reporters and stated, "We will acquire the insurance company as soon as possible."
Korea Financial Group has been reviewing the acquisition of an insurance company for several years to diversify its portfolio, with the most likely candidate being Cardiff Life. Cardiff Life is a French life insurance company, with equity held by BNP Paribas Cardiff (85%) and Shinhan Bank (15%).
When asked about the possibility of acquiring Cardiff Life, Chairman Kim replied, "It is one of several review items." He noted, "Since I have no experience in the insurance field, there are many things to review," adding, "It would be good to finalize the process quickly."
Meanwhile, at the shareholders' meeting, in response to demands for active shareholder returns, Chairman Kim remarked, "We prioritize increasing return on equity (ROE) through growth rather than dividends." Accordingly, Korea Financial Group is expected to continue its business in a direction that reinvests rather than pays dividends to shareholders.