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Kyobo Life Insurance Co., Ltd., formerly known as Daehan Kyoyuk Insurance, is considering a return to the non-life insurance market. The news comes as the company is reportedly buying online non-life insurance firm, Kakao Pay Insurance Corp.
The potential acquisition deal will bring Kyobo Life Insurance back to the non-life insurance business. Sources who have knowledge of the matter shared that the talks about the buyout are said to be in the final stage already.
As per The Korea Economic Daily, currently, Kyobo Life Insurance is carrying out due diligence on Kakao Pay Insurance. It is also improving the terms and conditions of the prospective deal.
The two companies started the talks for the acquisition late last year, but they have yet to reveal the amount involved in the buyout. Although there is no price yet, the insurance arm of Kakao Corp. is said to be valued from KRW120 billion to KRW150 billion, which is about $90.5 million to $113 million in US dollars.
Kyobo Life is working on its re-entry to the non-life insurance market before it transformed into a financial holding company in 2024. With this plan, buying Kakao Pay Insurance will make it easier for the company to do so.
The addition of Kakao's online insurance brand to Kyobo's portfolio will also help diversify its business while also building a foothold in the online insurance market. At any rate, Kakao Corp. launched Kakao Pay Insurance in September 2021 using an investment of KRW100 billion. Kakao Pay and Kakao Corp. control the insurance unit, and if Kyobo Life's bid to buy it is successful, it will get a 51% stake in the company.
"We are aiming to transform into a financial holding company by the second half of next year," the representative of Kyobo Life said in a statement. "As part of such efforts, we are considering advancing into the non-life business. But nothing in detail has been determined about buying Kakao Pay Insurance."
Meanwhile, Kyobo also confirmed to The Korea Times about the buyout plan for Kakao Pay Insurance but denied it is conducting due diligence.
"It is true that Kyobo Life Insurance is mulling over expansion beyond the life insurance market," a company official told the publication. "Yet, as of now, nothing has been specifically determined as to which non-life insurance firms could be options for acquisition. Moreover, it is not true at all that due diligence is underway."
