KB Financial Group to merge life insurance subsidiaries
The insurers merging are KB Life Insurance and Prudential Life Insurance of Korea.
South Korea’s KB Financial Group is merging two of its life insurance subsidiaries, namely KB Life Insurance and Prudential Life Insurance of Korea, according to a report by the Korea Times..
The two life insurance firms are set to be fully integrated into one entity by 2023.
In August 2020, KB Financial acquired a 100% stake in Prudential Life Insurance for $1.8b, marking Prudential’s exit in the Korea market. For a time since then, the two companies had worked separately.
KB Financial said that since 2021, the insurance firms have started to increasingly come under joint management, sharing computer systems, accounting, human resources as well as administrative support.
The official name of the two insurers will be revealed in the later half of this year.
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