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Wed, February 2, 2022 | 21:08
Non-banks
Will ABL Life, Tongyang Life be sold?
Posted : 2019-10-01 15:33
Updated : 2019-10-01 16:41
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By Kim Bo-eun

ABL Life Insurance's headquarters in Yeouido, Seoul
ABL Life Insurance's headquarters in Yeouido, Seoul
Speculation continues to rise over a possible sale of ABL Life and Tongyang Life, both owned by China's Anbang Insurance Group.

This stems from series of recent moves involving Anbang group and its affiliates, including the group's package sale of 15 hotels worth 6.9 trillion won ($5.8 billion) in September.

The group's disposal of assets has raised questions over whether it will also do the same for its two life insurance units in Korea.

Recent executive-level promotions at ABL raised further speculation that this was to encourage executives ahead of a potential sale of the company.

An ABL Life official said, "This was simply extensions of expired contracts."

"Anbang Insurance Group does not have any plans to sell ABL Life."

ABL Life Insurance's headquarters in Yeouido, Seoul
Tongyang Life Insurance's headquarters in Gwanghwamun, Seoul
Tongyang Life, meanwhile, is set to accept early retirement applications from employees.

This is seen as a preparatory measure for the sell-off.

"The measure was agreed upon by union members and management at the beginning of the year," a Tongyang Life official said.

However, this is seen as a form of pressure for employees to leave the company.

Regarding speculation about Anbang's sale of the firm, he said, "Our stance remains unchanged that nothing has been decided on yet."

This is based on the statement the company made concerning speculations in May 2018.

Anbang Group is currently in the process of handing over its assets to the newly established state-owned Dajia Insurance Group.

Chinese authorities seized control of Anbang after group Chairman Wu Xiaohui was jailed for embezzlement.

The authorities are still in control of the group, and are expected to finish their restructuring program by February next year.

Meanwhile, attention is also growing over who could buy the insurers if they were put up for sale.

The market's view is that they would likely be financial groups who have the money to acquire the companies.

KB and Woori Financial Groups are known to be interested in acquiring life insurers to boost their non-banking sectors.

A KB official said, "This seems to be the market's view as we don't have a strong life insurer within our group."

"It is our plan to acquire non-banking financial companies including insurers, security firms and capital services providers if they are determined beneficial to the group and the prices are reasonable."

Woori, on the other hand, is seeking to acquire a securities firm.


Emailbkim@koreatimes.co.kr Article ListMore articles by this reporter



 
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