Hanwha Life Financial Service inks to buy People Life
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Hanwha Life Financial Service Tuesday signed a stock purchase agreement to acquire People Life, an independent life insurance general agency, for an undisclosed amount, a deal to make it the largest life insurance general agency in Korea.
The transaction is subject to antitrust and regulatory approvals and other customary closing conditions. Hanwha Life Financial Service under the country’s major insurer Hanwha Life Insurance plans to run People Life as a subsidiary.
Established in 2003, People Life is the sixth largest general agency in Korea. It posted 12.1 billion won ($8.5 million) in operating income and 303.1 billion won in revenue last year. As a general agency, it sells life and general insurance policies of 33 other insurance companies under contract through its 230 offices across the country.
On Tuesday, Hanwha Life Insurance shares rose 0.23 percent to trade at 2,190 won at around 2:30 p.m. in Seoul. Hanwha Life Financial Service and People Life are not listed.
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