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.
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