Shinhan Life and Orange Life to Merge on July 1 Next Year... "Leap to First-Class Shinhan"

[Asia Economy Reporter Kwon Haeyoung] Shinhan Financial Group announced on the 31st that the 'NewLife Promotion Committee,' held via video conference the previous afternoon, confirmed the integration date of Shinhan Life and Orange Life as July 1 next year.

Since incorporating Orange Life as a subsidiary in February last year, Shinhan Financial has discussed major integration-related matters through the joint management committee over the past year. Subsequently, a task force (TF) was conducted to thoroughly analyze synergy enhancement plans for both companies.

Industry experts have anticipated that the integration of Shinhan Life and Orange Life will generate the best synergy, as each company holds top-tier differentiated strengths in sales channels such as TM channels, FC channels, health insurance, and variable insurance, as well as in their core sales products.

Upon completion of the integration, Shinhan Financial will possess a top-tier insurance company in the industry, ranking third in net profit and having the highest level of capital adequacy in the domestic life insurance sector. Additionally, it will secure new growth momentum in the non-banking sector by strengthening insurance, a core business line of the group, to leap toward becoming a 'First-Class Shinhan.'

Shinhan Financial Chairman Cho Yong-byeong stated at the meeting, "Once the integration is complete, we will be reborn as a top-tier insurance company in the industry, achieving economies of scale." He added, "We will combine the capabilities of both companies in new product development from the customer's perspective, enhancing digital convenience, and consumer protection to provide differentiated value to customers who transact with Shinhan." He further emphasized, "Although the insurance industry is facing difficulties due to worsening management conditions such as low interest rates, we will nurture a first-class insurance company that shakes the industry's landscape through Shinhan's unique success DNA that turns crises into opportunities."

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