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[Alpha Biz=(Chicago) Reporter Kim Jisun] Kyobo Life Insurance has made it official to enter the non-life insurance business.
According to the insurance industry on the 20th, Kyobo Life Insurance held a board meeting at its headquarters in Gwanghwamun later in the day and reported an agenda to formalize its entry into the property insurance company. The purpose of the acquisition of property insurance is to strengthen the portfolio of affiliates.
Kyobo Life Insurance is seeking to switch to a financial holding company with the aim of launching it in the second half of next year. In addition to life insurance, securities, and asset management, which are major business models, it seems that the company's value could rise further if it has property insurance.
This is why some say that the company will reinvest in its stake in Kakao Pay Insurance, which has only been in operation for about a year, and its once-affiliated Axa Damage Insurance. In fact, Kyobo Life Insurance is known to continue discussions on investing a certain portion of its stake in Kakao Pay Insurance. There are rumors that talks are underway for the acquisition, but both sides are still denying it.
If Kyobo Life invests in its stake in Kakao Life Insurance, it is expected to create synergy between its ongoing digital innovation and efforts to strengthen services.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
