Hanwha General Insurance's Subsidiary 'Carrot' Sale to Hanwha Asset Management Falls Through

Hanwha Life, Parent Company of Hanwha Asset Management, Sanctioned,
Major Shareholder Change Approval Denied

[Asia Economy Reporter Ki Ha-young] Hanwha General Insurance's plan to transfer its entire stake in its subsidiary Carrot General Insurance to Hanwha Asset Management has fallen through.

Hanwha General Insurance announced on the 25th that it has agreed to cancel the stock disposal contract for Carrot General Insurance signed with Hanwha Asset Management. Hanwha General Insurance stated, "As it became practically difficult to complete the transaction, including approval for the change of major shareholder, within eight months from the contract signing date, the parties agreed to cancel the contract."

Previously, in September last year, Hanwha General Insurance signed a contract to sell its entire 68% stake in Carrot General Insurance to Hanwha Asset Management.

A Hanwha General Insurance official explained, "Hanwha Asset Management's parent company, Hanwha Life, received a regulatory warning from financial authorities last year, making it impossible for Hanwha Asset Management to become the major shareholder of Carrot General Insurance for the time being, leading to the contract cancellation."

Carrot General Insurance is a digital general insurance company jointly established by Hanwha General Insurance, SK Telecom, Hyundai Motor Company, and Altos Ventures, launched in October 2019. SK Telecom and Altos Ventures each hold around 9% stakes, while Hyundai Motor Company holds about 4%.

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