A+ Asset is a corporate insurance agency (GA) founded in 2007 by Chair Gwak Geun-ho, who previously served as an executive director in the corporate sales division at Samsung Life Insurance. A GA can sell products from various insurers, and A+ Asset sells insurance products through partnerships with 34 life and non-life insurers. It also provides asset management consulting, including funds, real estate, and tax, through its affiliate A+ Realty.
A+ Asset posted sales of 501.7 billion won and operating profit of 22.5 billion won through the third quarter this year. Sales rose 35.9% from the same period a year earlier, but operating profit fell 16.3%. As of on the 26th of this month, Chair Gwak and related parties, the largest shareholders, held 30.33% equity in A+ Asset. Sky A+—a special purpose company (SPC) of private equity fund Skylake Equity Partners—jointly holds 4.79% equity with Chair Gwak.
Chair Gwak, who has led the company for 18 years, is currently proceeding with succession. In June, his older brother, Gwak Seung-ho, gifted 33,334 common shares (0.15%) to Chair Gwak's eldest son, Executive Director Gwak Tae-ik, and younger son, Gwak Tae-min, and the two brothers secured 1.5% and 1.51% equity each this month through on-market purchases. However, their equity is still small, so the succession framework is not yet firmly in place.
Align Partners Asset Management, which holds 4.99% equity in A+ Asset, launched a tender offer for A+ Asset on the 18th. It plans to cement the No. 2 shareholder position by purchasing 4,501,192 shares (19.9%) of A+ Asset at 8,000 won per share through Dec. 7.
In response, Chair Gwak also bought 30,904 common shares over three trading days from the 21st to the 26th, raising the equity stake from 20.06% to 20.2%.