Korea Life Insurance Co. (>> KOREA LIFE INSURANCE), Korea’s second-largest life insurer by assets and premiums, said that it submitted a bid Monday to buy part of ING Groep N.V.’s (>> ING Groep N.V.) Asian life insurance business.
“Except for that (bid), nothing has been decided in detail,” the company said in a statement to the Korea Exchange.
Earlier in the day, a person with direct knowledge of the deal told Dow Jones Newswires that Korea Life is bidding for ING’s Southeast Asian life insurance operations, which comprise Hong Kong, Malaysia and Thailand, as it aims for overseas expansion. Analysts estimate the deal for this part of ING’s operations would be valued around KRW3 trillion won ($2.61 billion) to KRW4 trillion. -By Kanga Kong