Kyobo Life Insurance is pursuing the acquisition of AXA General Insurance.
According to the financial industry on the 11th, Kyobo Life Insurance is in the process of selecting an advisor for the acquisition of AXA General Insurance. Kyobo Life Insurance has been continuously reviewing entry into the non-life insurance market as it strengthens its comprehensive financial portfolio based on its insurance business.
After selecting an advisor, Kyobo Life Insurance plans to begin due diligence on AXA General Insurance as early as this month. The market views the sale price of AXA General Insurance at around 300 billion won.
If this transaction is concluded, Kyobo Life Insurance will bring AXA General Insurance back into its fold after about 20 years. The predecessor of AXA General Insurance is Korea Automobile Insurance, the country's first online insurer established in 2000. Kyobo Life Insurance acquired Korea Automobile Insurance in 2001 and operated it as Kyobo Automobile Insurance. It then sold Kyobo Automobile Insurance to the French insurer AXA Group in 2007 for 90.5 billion won. After operating as Kyobo AXA Automobile Insurance and Kyobo AXA General Insurance, it is now operated as AXA General Insurance.
A Kyobo Life Insurance official said, "It is true that we are reviewing the acquisition of AXA General Insurance," and added, "We are at an early review stage, and specific matters such as whether to proceed with the acquisition or the terms have not been finalized."