Insurance
US insurer Cigna’s Korean unit says no decision yet on its possible sale
Aug 06, 2020 (Gmt+09:00)
1
Min read
Most Read
Samsung shifts to emergency mode with 6-day work week for executives
Alibaba eyes 1st investment in Korean e-commerce platform
Blackstone signs over $1 bn deal with MBK for 1st exit in Korea
NPS loses $1.2 bn in local stocks in Q1 on weak battery shares
OCI to invest up to $1.5 bn in Malaysia’s polysilicon plant
LINA Life Insurance Co., wholly owned by the US life insurance group Cigna, said on August 6 that its parent group has not made a decision to sell the South Korean arm, in response to the Korean Investors’ report on July 24 that Cigna has put LINA Life up for sale and hired Goldman Sachs as the sale manager.
LINA said in a brief note that the parent group’s possible exit from Korea was being talked about by some investment banks, but it has not seen any specific action being taken by Cigna for a possible sale under the current circumstances. Goldman Sachs declined to comment.
It added that Cigna has not selected a sale manager.
LINA Life, founded in 1985, is a medium-sized life insurer in Korea with a net asset value of 1.7 trillion won ($1.4 billion). As the first foreign-owned life insurer in the country, it boasts of strong financial conditions with a risk-based capital ratio of 305.14% at the end of last year, above the industry average.
In April, the US-based Prudential Financial Inc. sold its South Korean life insurance unit to KB Financial Group for around 2.3 trillion won.
LINA said in a brief note that the parent group’s possible exit from Korea was being talked about by some investment banks, but it has not seen any specific action being taken by Cigna for a possible sale under the current circumstances. Goldman Sachs declined to comment.
It added that Cigna has not selected a sale manager.
LINA Life, founded in 1985, is a medium-sized life insurer in Korea with a net asset value of 1.7 trillion won ($1.4 billion). As the first foreign-owned life insurer in the country, it boasts of strong financial conditions with a risk-based capital ratio of 305.14% at the end of last year, above the industry average.
In April, the US-based Prudential Financial Inc. sold its South Korean life insurance unit to KB Financial Group for around 2.3 trillion won.
Yeonhee Kim edited this article
More to Read
-
Mergers & AcquisitionsBlackstone signs over $1 bn deal with MBK for 1st exit in Korea
Apr 22, 2024 (Gmt+09:00)
-
Private equityAffinity to buy SK Rent-a-Car at $572 mn, more deals expected
Apr 16, 2024 (Gmt+09:00)
Comment 0
LOG IN