Korea Life Insurance Co Ltd Friday said it is exploring the possibilities of bidding for ING Groep NV’s Asia-Pacific insurance operations, the news reports said.
The $6 billion deal is also expected to attract interest of major overseas and local rivals, the insurance company said. Other known insurance company AIA Group Ltd may also bid for the ING’s Asian insurance operations.
AIA Group is Asia’s number three insurer which is also owned by American International Group Inc. Korea Life Insurance has also lodged an initial bid for Tong Yang Life Insurance Co Ltd.
The insurance company also said in a regulatory filing that it has not taken any decision with regards to ING bid. ING Groep operates in seven Asian countries but it has large presence in Japan and South Korea.
The Korean banking groups KB Financial Group Inc and Woori Finance Holdings Co Ltd are also interested in bidding for ING’s Korean assets.
These companies are interested in bidding if ING Groep is also ready to sell its Korean operations separately. Korea Life Insurance provides life insurance and other related services in South Korea and globally.
The company also sells the insurance products for individuals which include savings type, group variable, annuity, protection-type insurance comprising whole life and critical illness insurance.