Kyobo Life Bids for Fifth-Largest Insurer, ING Life South Korea

South Korea's third largest insurer, Kyobo Life Insurance, has made a bid for the country's fifth largest insurer, ING Life South Korea. (Picture from Associated Press)

South Korea’s third largest insurer, Kyobo Life Insurance, has made a bid for the country’s fifth largest insurer, ING Life South Korea. (Picture from Associated Press)

Joyce Lee from Reuters reports that Kyobo Life Insurance, South Korea’s third-largest insurer, said on Friday it had made a bid for a controlling stake in ING’s South Korean insurance unit, breathing new life into a delayed deal previously valued at roughly $2 billion.

Kyobo, whose investors include Ontario Teachers’ Pension Plan, Singapore sovereign fund GIC GIC.UL and private equity firm Affinity Equity Partners, is set to compete against the country’s second-largest insurer Hanwha Life Insurance Co Ltd, which is expected to submit its own bid, according to a source with direct knowledge of the matter.

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