Shinhan Financial Group Signs Acquisition Agreement for 'BNP Paribas Cardif Sonbo'

Completion of Comprehensive Financial Group Portfolio through Acquisition of Non-Life Insurance Company
Expansion into Digital Non-Life Insurance Market and Provision of New Services

[Asia Economy Reporter Kwangho Lee] Shinhan Financial Group announced on the 1st that it signed a share purchase agreement with France's BNP Paribas Group for 'BNP Paribas Cardif Non-Life Insurance' on the 29th.

Through this share purchase agreement, Shinhan Financial established a strategic alliance between the groups and acquired 94.54% of the shares of BNP Paribas Cardif Non-Life Insurance, which had been pursuing a joint venture (JV) business, thereby officially entering the non-life insurance market.

BNP Paribas Cardif Non-Life Insurance is a non-life insurer with a unique business area in the automobile insurance market, with strengths in a B2B2C-centered partnership business model and product strategy, underwriting (UW), risk management, and stable asset management strategies.

Through this acquisition of the non-life insurer, Shinhan Financial expects various synergies among its group companies. It plans to actively collaborate to strengthen insurance business competitiveness with Shinhan Life, which was recently launched as an integrated entity.

Additionally, based on Shinhan Financial's online and offline channels and diverse customer data, it plans to provide customers with new complex financial products and services.

In particular, Shinhan Financial Group intends not only to solidify the current business area of BNP Paribas Cardif Non-Life Insurance through active support but also to introduce a new digital non-life insurance company that has never existed before through various collaborations with external parties such as digital startups.

A Shinhan Financial Group official said, "Shinhan Financial has a history of outstanding growth in the domestic financial market through successful mergers and acquisitions (M&A) in the past," adding, "Through this acquisition of the non-life insurer, we plan to complete the comprehensive financial group portfolio and provide new customer services through synergies among group companies."

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