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Report: South Korea's Kyobo Life to buy remaining stake in online insurer

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Report: South Korea's Kyobo Life to buy remaining stake in online insurer

Japan-based Lifenet Insurance Co. will exercise a put option to sell its 7.49% stake in South Korea-based online insurer Kyobo Lifeplanet Life Insurance Co. to Kyobo Life Insurance Co. Ltd., The Financial News reported March 6, citing industry sources.

Kyobo Life will buy 1,632,000 shares of Kyobo Lifeplanet from Lifenet Insurance for 8.16 billion won, making Kyobo Lifeplanet a wholly owned subsidiary. The report came after Lifenet Insurance agreed with its largest shareholder KDDI Corp. to dispose of its stake in the South Korean insurer as part of its business reorganization to focus on domestic operations.

Lifenet Insurance's board approved the exercise of the option in January. Kyobo Life's board on March 2 approved a plan to buy back the stake. The companies are expected to continue their partnership after Lifenet Insurance's sale of its stake in Kyobo Lifeplanet.

As of March 5, US$1 was equivalent to 1,077.53 South Korean won.