OK Next (OK Financial Group) to acquire Yebyeol Non-Life Insurance (bridge insurer for MG Non-Life)
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- —
- Stake
- —
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- Yebyeol Non-Life Insurance (bridge insurer for MG Non-Life) · Non-life insurance
- Buyer
- OK Next (OK Financial Group) · SI
- Seller
- Korea Deposit Insurance Corporation
- Structure
- —
- Announced
- Oct 7, 2026
- Closed
- —
- Stage
- Signed
Target
Bridge insurer wholly funded by the Korea Deposit Insurance Corporation to resolve MG Non-Life Insurance (designated a failed institution in April 2022); MG's policies and related assets were transferred to it in September 2025. At end-Q1 2026 equity was negative KRW 487.4bn with a K-ICS ratio of -13.1% (InvestChosun).
Deal rationale
After three public sales since 2023 drew no bidders and Meritz Fire returned its preferred-bidder status in 2025, KDIC switched to a bridge-insurer structure, named OK Next preferred bidder in July 2026 and signed the SPA on Oct 7, 2026; it plans to provide about KRW 1.14tn (over KRW 1tn) for normalization (InvestChosun, Financial News). OK reportedly requested less support than rivals and plans to inject KRW 400bn over three years; SBS Biz described the deal as extending OK Financial from savings banks and capital finance into insurance. FSC approval of the major shareholder change and FTC merger filing remain.
Press coverage
- 인베스트조선 (2026-10-07): “예금보험공사와 OK금융그룹 계열사 OK넥스트는 이날 예별손보 매각을 위한 주식매매계약(SPA)을 체결했다.”
- 파이낸셜뉴스 (2026-10-07): “예보는 1조원 이상의 자금을 지원할 예정이다.”
- SBS Biz (2026-10-07): “예금보험공사가 OK금융그룹과 예별손해보험 주식매매계약서를 체결했습니다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.