[Alpha Biz= Paul Lee] Japanese financial company SBI Holdings is reportedly set to acquire over 20% of Kyobo Life Insurance, South Korea’s third-largest life insurer.



The Nihon Keizai Shimbun reported on Wednesday that "SBI Holdings plans to increase its current 9.3% stake in Kyobo Life Insurance to over 20%," adding, "This decision is aimed at strengthening its insurance business by having a South Korean financial firm with strong digital capabilities within its group." Despite owning SBI Life Insurance, a Japanese insurance company, SBI is often regarded as having weaker competitiveness in the insurance industry compared to its banking and securities operations.



Last month, SBI Holdings acquired a 9.05% stake in Kyobo Life Insurance from Affinity Equity Partners. Additionally, it is reportedly seeking to purchase around 11% more of Kyobo Life’s shares from other financial investors. The Nihon Keizai Shimbun predicts that SBI Holdings' total investment in Kyobo Life will reach approximately 100 billion yen (around 1 trillion KRW).



The largest shareholder of Kyobo Life is Chairman Shin Chang-jae, who holds 36.37% of the company (including related parties' shares). If SBI Holdings successfully acquires 20% of Kyobo Life’s shares, it is expected to become the second-largest shareholder, following Chairman Shin.

 

 

 

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