Business · Companies · 3 hrs ago
Shinhan Financial agrees to buy 77% of Lotte Insurance for 693.3 billion won
Shinhan Financial agreed to buy a 77.04% stake in Lotte Insurance from JKL Partners for 693.3 billion won.
The deal was announced in South Korea on October 13.
The purchase gives Shinhan control of a major non-life insurer, ranked seventh in the industry and serving 3.34 million customers.
Shinhan already owns Shinhan EZ Insurance, a digital insurer that reported a net loss of 18.2 billion won in the first half of this year.
Shinhan plans to combine the two insurance businesses to cut overlapping costs and improve efficiency.
The group says the deal could expand its profit base and improve how it uses capital.
It plans to seek regulatory approval to buy the remaining 22.96% stake after signing the purchase agreement.
Shinhan Financial Group agreed to buy a 77.04% stake in Lotte Insurance for 693.338 billion won.
The stake is held by JKL Partners, and the companies signed a stock purchase agreement on October 13.
Shinhan plans to seek approval to acquire the remaining 22.96% as well.
The group plans to integrate Lotte Insurance with its digital insurer, Shinhan EZ General Insurance.
Shinhan says the acquisition will strengthen its non-bank business and improve earnings and capital efficiency.
- Who
- Shinhan Financial Group agreed to buy shares in Lotte Insurance from JKL Partners.
- What
- Shinhan agreed to acquire a 77.04% stake for 693.338 billion won. It plans to seek approval to acquire the remaining 22.96%.
- When
- October 13, 2026.
- Where
- Not stated.
- Why
- Shinhan aims to strengthen its non-bank business and integrate Lotte Insurance with Shinhan EZ General Insurance.
This story does not have two clearly opposing sides.
Shinhan acquired BNP Paribas Cardif General Insurance, now Shinhan EZ General Insurance.
Shinhan and JKL Partners signed a stock purchase agreement for Shinhan to acquire a 77.04% stake in Lotte Insurance.
Shinhan plans to acquire Lotte Insurance’s remaining 22.96% stake.
- Stake agreed
- 77.04% (239,082,287 shares)
- Purchase price
- 693.338 billion won
- Seller
- JKL Partners
- Remaining stake
- 22.96%
- Lotte Insurance customers
- 3.34 million
- Insurer ranking
- Seventh-largest non-life insurer in the industry
Sources
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