Hana Financial Group to acquire 92.73% of KDB Life Insurance (terminated)
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- —
- Stake
- 92.73%
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- KDB Life Insurance · Life insurance
- Buyer
- Hana Financial Group · SI
- Seller
- KDB Consus Value PEF (Korea Development Bank)
- Structure
- —
- Announced
- Jul 13, 2023
- Closed
- —
- Stage
- Terminated
Target
KDB Life is a life insurer acquired in 2010 by Korea Development Bank through a private equity fund set up with Kansas Asset Management during Kumho Group's restructuring. Its K-ICS ratio was 67.5% at end-June 2023 (140.7% with transitional measures).
Deal rationale
Hana Financial Group said it halted the acquisition because it 'did not fit the direction of the group's insurance-strengthening strategy.' KDB said it received Hana's withdrawal and stopped the sale process, adding it would work on raising KDB Life's value and prepare future options considering market conditions. Reports said Hana's LOI was non-binding, the market estimated the price at about KRW 200 billion, and additional capital injections were seen as likely needed.
Press coverage
- 아주경제 (2023-10-18): “산은 “하나금융, KDB생명 인수 포기 의사 밝혀”
- 뉴스토마토 (2023-10-18): “하나금융, KDB생명 인수 포기…”지주 전략에 부합 못해""
- 디지털타임스 (2023-10-18): “보험업 강화 전략 방향과 맞지 않아”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.