Korea Investment Finance Holdings to Acquire Cardiff Life Insurance
Korea Investment Finance Holdings is moving to acquire Cardiff Life Insurance, according to sources in the securities industry. The firm, a subsidiary of Korea Investment & Securities, is seeking to purchase a 100% stake in Cardiff Life, currently owned by BNP Paribascardif Life Insurance.
Korea Investment & Securities Headquarters View
It is understood that Korea Investment Finance Holdings has recently selected an advisory company to conduct due diligence. Currently, BNP Paribascardif holds an 85% stake in Cardiff Life Insurance, with Shinhan Bank owning the remaining 15%. Market estimates place the acquisition price around 150 billion won. Negotiations are reportedly taking place directly between the involved parties, without a separate sales organizer.
The acquisition is seen as a strategic move by Korea Investment Finance Holdings to enter the insurance market. The company currently operates various financial affiliates, including savings banks, asset management companies, and capital companies, primarily through Korea Investment & Securities. However, it does not currently have any insurance company holdings.
Previously, Tunon Partners and IBK Industrial Bank had also expressed interest in acquiring Cardiff Life Insurance, but those potential deals were canceled due to delays in the approval process by financial authorities.
Cardiff Life Insurance’s assets were approximately 2.714 trillion won as of the third quarter of the previous year. It is ranked 20th out of 22 domestic life insurance companies and reported a cumulative net loss of 6.8 billion won during the same period.
