Hanwha Life, Heungkuk Life, and Korea Investment Holdings participated in the final bidding for KDB Life Insurance. Samsung Life and Kyobo Life, which had registered for the preliminary bidding, did not submit final acquisition proposals.
According to the financial sector on August 7, three companies—Hanwha Life, Heungkuk Life, and Korea Investment Holdings—submitted final acquisition proposals in the main bidding for KDB Life, conducted by the Korea Development Bank and the lead underwriter, Samil Accounting Corporation.
In the preliminary bidding held in June, five major life insurance companies, including Samsung Life, Hanwha Life, and Kyobo Life, along with Heungkuk Life and Korea Investment Holdings, participated. However, only three companies advanced to the final competition.
Since acquiring KDB Life in 2010, the Korea Development Bank has attempted to sell the company since 2014, but previous efforts have not succeeded. If this sale is completed, it will mark the seventh attempt to finalize the divestiture.
Industry experts believe that the amount of additional funding needed for the normalization of KDB Life will be crucial to the success of the sale, rather than just the acquisition price. Estimates suggest that around 1 trillion won may be required for KDB Life's normalization.
The Korea Development Bank plans to select a preferred negotiation partner next month after evaluating the pre-screening of acquisition requirements, the requested amount of financial support, and the ability to fulfill contract obligations.
According to the financial sector on August 7, three companies—Hanwha Life, Heungkuk Life, and Korea Investment Holdings—submitted final acquisition proposals in the main bidding for KDB Life, conducted by the Korea Development Bank and the lead underwriter, Samil Accounting Corporation.
In the preliminary bidding held in June, five major life insurance companies, including Samsung Life, Hanwha Life, and Kyobo Life, along with Heungkuk Life and Korea Investment Holdings, participated. However, only three companies advanced to the final competition.
Since acquiring KDB Life in 2010, the Korea Development Bank has attempted to sell the company since 2014, but previous efforts have not succeeded. If this sale is completed, it will mark the seventh attempt to finalize the divestiture.
Industry experts believe that the amount of additional funding needed for the normalization of KDB Life will be crucial to the success of the sale, rather than just the acquisition price. Estimates suggest that around 1 trillion won may be required for KDB Life's normalization.
The Korea Development Bank plans to select a preferred negotiation partner next month after evaluating the pre-screening of acquisition requirements, the requested amount of financial support, and the ability to fulfill contract obligations.
* This article has been translated by AI.
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