This article was displayed on the ChosunBiz MoneyMove (MM) site at 10:18 a.m. on Apr. 08, 2026.
The sale of Lotte Non-Life Insurance is back on track. The company switched its lead manager to Samjong KPMG and decided to look for potential buyers. With Samjong KPMG already overseeing the sale of YeByeol Non-Life Insurance (formerly MG Non-Life Insurance), it now holds the keys to the Lotte Non-Life Insurance deal as well.
Market attention remains focused on the decision by Korea Investment Holdings. Final bids for YeByeol Non-Life Insurance are due on the 16th, and whether Korea Investment & Securities Co. joins the bidding that day is the key variable. Korea Investment & Securities Co. has already conducted sufficient due diligence on Lotte Non-Life Insurance, and the industry says it is prepared for a "either-or" choice. If Korea Investment & Securities Co. does not participate in either the YeByeol Non-Life Insurance or Lotte Non-Life Insurance final bids, the likelihood increases that it will choose another asset, KDB Life Insurance. KDB Life Insurance is expected to begin the sale process in earnest as early as the third week of this month.
According to the investment banking (IB) industry on the 8th, JKL Partners, the largest shareholder of Lotte Non-Life Insurance, recently selected Samjong KPMG as the lead manager for the sale. The previous contract with lead manager J.P. Morgan expired, prompting a new selection. JKL Partners plans to send teaser letters to potential buyers for the sale of Lotte Non-Life Insurance within this month.
The Lotte Non-Life Insurance sale will be handled by Samjong KPMG Deal Advisory Division 5. Although Division 2 is already the lead manager for the YeByeol Non-Life Insurance sale, JKL Partners is said to have determined there is no conflict of interest.
While both YeByeol Non-Life Insurance and Lotte Non-Life Insurance are on the market, they are at very different stages. YeByeol Non-Life Insurance faces a final bid on the 16th, whereas Lotte Non-Life Insurance is only at the initial stage of preparing to send out teaser letters.
In the preliminary bidding for the sale of YeByeol Non-Life Insurance in January, Korea Investment & Securities Co., Hana Financial Group, and private equity firm J.C. Flowers—three parties in total—submitted letters of intent (LOIs). The market has consistently watched Korea Investment & Securities Co.'s choice. Among the three, it is considered the most committed strategic buyer. J.C. Flowers previously joined the acquisition races for ABL Life Insurance and KDB Life Insurance, but it is viewed as being focused more on conducting due diligence on domestic insurance assets than as a genuine strategic buyer.
If Korea Investment & Securities Co. participates in the YeByeol Non-Life Insurance final bid on the 16th, the chances of it jumping into the Lotte Non-Life Insurance race effectively disappear. Korea Investment & Securities Co. already appointed Deloitte Touche Tohmatsu Limited (DTTL) Anjin as its accounting adviser last year and conducted due diligence on Lotte Non-Life Insurance, so it is said to have nearly all the information needed to decide whether to acquire.
Korea Investment & Securities Co. could choose one of the two non-life insurers, but it could also choose neither. That would be the case if it decides acquiring a life insurance company is preferable to a non-life insurer.
According to the industry, Korea Development Bank (KDB) is expected to soon begin the process to sell KDB Life Insurance. Since it has thus far relied on Samil PwC for advice without officially appointing a lead manager, Samil is likely to take the lead manager role as well.
KDB Life Insurance is expected to receive approvals this week (the second week of April) from the relevant authorities, the Financial Services Commission and the Office for Government Policy Coordination, and then move to formalize the sale process next week (the third week of April). When selling state-owned property, prior approval from the Office for Government Policy Coordination is required.