Kyobo Acquires

Kyobo Life Insurance is pursuing the acquisition of AXA General Insurance, a subsidiary of France's AXA Group, in a move to complete the final puzzle piece of its transition into a financial holding company. The insurer has sent out requests for proposals to global investment banks and accounting firms to select an acquisition advisor, with due diligence expected to begin as early as the end of this month. 

The transaction is being structured as a private deal directly with AXA Group, and AXA General Insurance's enterprise value is estimated at ₩200 billion to ₩300 billion (approximately $141.8 million to $212.7 million). AXA General Insurance was originally acquired by Kyobo Life in 2001 and sold to AXA in 2007 — meaning this deal would bring the company back into the fold after roughly two decades. 

Kyobo Life has been moving aggressively this year, having already acquired SBI Savings Bank and Kyobo AXA Asset Management in succession, rapidly building a comprehensive financial portfolio spanning life insurance, non-life insurance, securities, asset management, and savings banking. The company is also simultaneously advancing plans to relaunch its initial public offering.