Hana Financial Group Acquires The-K Non-Life Insurance... Approved by Financial Services Commission

[Asia Economy Reporter Eunmo Koo] Hana Financial Group announced on the 29th that it received approval from the Financial Services Commission's regular meeting to incorporate The-K Non-Life Insurance as a subsidiary.

Earlier, Hana Financial held a board meeting in January to approve the acquisition and incorporation of The-K Non-Life Insurance as a subsidiary, and on February 14th, signed a stock purchase agreement with the Korea Teachers' Credit Union. The acquisition target stake is 70%, with a purchase price of approximately 77 billion KRW. Once the payment is completed, The-K Non-Life Insurance will become the 14th subsidiary of Hana Financial Group. Kwon Tae-gyun, former Vice President of Hana Capital and currently leading the acquisition task force, has been appointed as the CEO of The-K Non-Life Insurance.

Hana Financial Group explained, "This acquisition is the first merger and acquisition (M&A) in eight years, and through acquiring The-K Non-Life Insurance, we can newly advance as a comprehensive financial group with a full business line."

Hana Financial Group plans to develop The-K Non-Life Insurance into a digital comprehensive non-life insurance company in response to changes in the financial market environment such as population aging and the advent of the untact (contactless) era.

Hana Financial aims to expand the non-banking sector's profit ratio within the group to 30% by 2025.

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