Korea Life Insurance Submitted Bid to Buy ING's Southeast Asian Operations -Source

Date : 07/16/2012 @ 2:17AM
Source : Dow Jones News
Stock : Ing Grp., N.V. (ING)
Quote : 18.07  0.0 (0.00%) @ 6:28AM

Korea Life Insurance Submitted Bid to Buy ING's Southeast Asian Operations -Source

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   By Kanga Kong 
 

SEOUL--Korea Life Insurance Co. (088350.SE), Korea's second-largest life insurer by assets and premiums, has submitted a bid to buy ING Groep N.V.'s (ING) Southeast Asian life insurance business, a person familiar with the deal said Monday.

The Korean life insurer "has bid for the Southeast Asian operations, which comprise Hong Kong, Malaysia and Thailand, as it aims for overseas expansion," the person told Dow Jones Newswires. Analysts estimate the deal is valued around 3 trillion won ($2.61 billion) to KRW4 trillion, the person added.

Korea Life's only overseas presence is in Vietnam, where it set up a corporation in 2009.

Write to Kanga Kong at kanga.kong@dowjones.com


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