Hanwha Life Insurance Increases Stake in Digital Insurer
South Korea’s Hanwha Life Insurance announced on Thursday that it has acquired 25.86 million shares in its non-life affiliate Carrot General Insurance Co. for 205.6 billion won ($143 million). This acquisition has raised Hanwha Life Insurance’s ownership stake in Carrot General Insurance to 98.3 percent, up from the previous 59.6 percent.
This move is seen as the first step toward an absorption-type merger between Hanwha Life Insurance and the digital insurer. The acquisition signifies a significant consolidation in South Korea’s insurance sector, with implications for the future of digital insurance in the country.
The transaction is part of Hanwha Life Insurance’s strategy to strengthen its position in the digital insurance market through its affiliate Carrot General Insurance Co. By increasing its stake, Hanwha Life Insurance is preparing for a potential merger that could streamline operations and enhance its digital insurance offerings.
