SPECIAL REPORT
Special Report: Shifts in Business Environments Lead To Active M&A Deals in Korean Life Insurance Market

According to media sources, a number of life insurers in South Korea are on sale in 2016. The insurers on the potential deals are currently owned by either foreign insurers or private equity firms. The market share of these companies ranges from 0.4% to 4.4%, which is translated into a combined market share of 10.3% in the 11 months ended in November 2015. It is equivalent to the market share of the third-largest Korean life insurer, Kyobo Life Insurance Company. The potential buyers are reported to span from the consortium of private equity firms to foreign-owned life insurers, in particular Chinese life insurers. More recently, China’s Anbang Life Insurer, which owns around 64% of TongYang Life Insurance Company in Korea, announced it reached a deal with Allianz Life insurance (Korea) pursuant to which it will acquire 100% of the shares of Allianz (Korea). The deals are subject to regulatory approvals.