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[Alpha Biz=(Chicago) Reporter Kim Jisun] The sale of Lotte Insurance will begin in earnest next month.
According to the investment banking (IB) industry on the 14th, JKL Partners, the largest shareholder of Lotte Insurance, has recently begun to select a host company for sale.
JKL is expected to set up a negotiating table with Lotte Insurance next month when Lotte Insurance's third-quarter earnings are compiled and start selling in earnest. JKL took over Lotte Insurance's management rights from Lotte Group for 373.4 billion won in 2019 and has since invested a total of 730 billion won so far in a paid-in capital increase worth 360 billion won. JKL currently has a 77 percent stake.
Shinhan Holdings has Shinhan EZ Insurance, which it acquired last year, as a subsidiary, but the need for further acquisition has been raised in that it is small.
Hana Financial Group was selected as the preferred bidder to acquire KDB Life Insurance and recently conducted due diligence and reportedly wants to acquire a larger non-life insurance company, although it has Hana Insurance as a subsidiary.
Woori Finance puts priority on securities firms, but there is a possibility that it will look into Lotte Insurance as there are no insurance companies in the group.
Lotte Insurance posted a net profit of 113 billion won in the first half of this year, up about 138% from last year. Net assets (capital) amounted to 1.4511 trillion won, up 7.1% (96 billion won) from the beginning of this year (1.355 trillion won).
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