Shinhan Life and Orange Life Obtain Merger Approval... 'Shinhan Life' Launches on July 1

Birth of a Large Life Insurance Company Worth 70 Trillion Won

[Asia Economy Reporter Ki Ha-young] Shinhan Life Insurance and Orange Life announced on the 12th that they have received approval from the Financial Services Commission for the merger of the two companies.

At the regular meeting held on the same day, the Financial Services Commission approved the merger application of the two companies. As a result, on July 1, the integrated corporation "Shinhan Life" will be newly established as a large life insurance company with total assets of approximately 70 trillion KRW.

After confirming the integration schedule in March last year, the two companies finalized the name of the integrated insurer as Shinhan Life in September. Subsequently, on December 23, the merger contract was signed through resolutions at the shareholders' meetings of both companies, and the appointment of the CEO of the integrated corporation was completed. The integration process has been underway since Shinhan Financial Group acquired Orange Life in February 2019, operating the New Life Promotion Committee and other bodies. Currently, the process is being finalized under the leadership of Sung Dae-gyu, president of Shinhan Life and the designated CEO of Shinhan Life. The goal is to complete all preparations by May, and to officially communicate with employees and operate a practical simulation training period throughout June.

President Sung said, "We are grateful to the financial authorities for the prompt approval," and added, "We will strive to become a first-class insurance company that contributes to the financial industry by minimizing customer inconvenience through smooth integration work."

In addition to integrating finance, operations, and IT, the two companies are accelerating the emotional integration of executives and employees by sharing new work methods of Shinhan Life, conducting joint volunteer activities, integrated training for promoted employees, and operating integrated clubs. In particular, despite COVID-19, President Sung has held over 40 meetings with employees this year while adhering to quarantine guidelines, engaging in deep discussions about the future management of Shinhan Life, and making significant efforts toward chemical integration.

Meanwhile, Shinhan Life and Orange Life recorded net profits of 72.8 billion KRW and 107.7 billion KRW respectively in the first quarter. These results represent high growth rates of 83% and 81% compared to the same period last year, and considering this, significant changes in the industry landscape are expected once Shinhan Life is launched.

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