Orange Life Shareholders, Only 4% Oppose 'Shinhan Financial Complete Subsidiary' (Comprehensive)

Positive Evaluation of Orange Life Shareholders at General Meeting

Integration with Shinhan Life Accelerates... Foreseeing the Birth of the 4th Largest Life Insurance Company

[Asia Economy Reporter Oh Hyung-gil] Shinhan Financial Group's plan to make Orange Life a wholly owned subsidiary received positive evaluations from Orange Life shareholders. This is expected to accelerate the integration process with Shinhan Life within the Shinhan Group.

According to the insurance industry on the 13th, Orange Life held a shareholders' meeting on the 10th and approved the agenda to enter into a stock exchange agreement with Shinhan Financial Group. Shinhan Financial Group had announced last September that it would conduct a stock exchange for the remaining 33.5 million shares (40.85%) of Orange Life, offering 0.66 shares of Shinhan Financial Group stock per one Orange Life share.

According to the results of this shareholders' meeting, among the 80,514,303 voting shares, the attendance rate of shareholders was 80.05%. Of these, 92.21% voted in favor of the stock exchange, while only 4.43% opposed it. Even considering Shinhan Financial Group's holding of 59.16%, the approval rate was overwhelmingly high.

Following the shareholders' approval, Shinhan Financial Group and Orange Life will conduct the stock exchange on the 28th, and Orange Life is scheduled to be delisted on the 14th of next month. Shinhan Financial Group is expected to immediately begin integration work with Shinhan Life thereafter. It is anticipated that the merger will create one of the top four life insurance companies in Korea with total assets of approximately 66 trillion won.

Jeong Moon-guk, CEO of Orange Life, who successfully secured reappointment this year, appears to be preparing for organizational integration as he recently completed executive appointments. Newly appointed executives include Vice President Kwak Hee-pil, Head of Sales Channel Division; Vice President Lee Young-jong, Head of New Life Promotion Office; and Vice President Byun Chang-woo, Head of Customer Acquisition Tribe.

Key executives such as Executive Director Ham Young-jung, Head of Finance & IR Division, and Executive Director Kim Beom-su, Head of FC (Financial Consultant) Sales Strategy Division, were also reappointed. Over the past year, Orange Life has slimmed down its executive team from 33 to 27 members in preparation for integration.

Additionally, Orange Life held a management strategy meeting on the 9th and announced a sales strategy to significantly strengthen support for the exclusive FC channel, including sales systems and customer management.

The plan includes reallocating resources and increasing investment in the FC channel to raise commission rates proportionate to performance and enhancing the vision of sales managers. The sales system (AiTOM) will be upgraded to enable FCs to manage customers more thoroughly in a digital environment and communicate closely with sales managers. The company also plans to introduce innovative new products that provide the coverage customers desire.

At the meeting, CEO Jeong stated, "By combining Orange Life's sales power and capital strength with Shinhan Financial Group's brand power, we can create innovations and value that no one else can." He added, "We will simplify the business model to promote both quantitative and qualitative growth of the business."

He further said, "We will actively utilize digital technology to enhance customer convenience and pursue innovation in the essence of insurance," adding, "To respond to increasing internal and external uncertainties, we will further strengthen the global standard management system."

This content was produced with the assistance of AI translation services.