Shinhan Financial Group Receives Approval to Incorporate Cardif Insurance as Subsidiary... Building a Comprehensive Financial Portfolio

추진 중인 사명 변경... 사업 영역 다각화된 디지털 기반 보험사 청사진

[Asia Economy Reporter Yoo Je-hoon] Shinhan Financial Group has received approval from the Financial Services Commission to incorporate BNPP Cardif Insurance as a subsidiary.

According to Shinhan Financial on the 9th, the Financial Services Commission gave final approval for Cardif Insurance to become a subsidiary of Shinhan Financial at its regular meeting that afternoon. Shinhan Financial had previously announced the acquisition of Cardif Insurance in November last year to enter the non-life insurance business, and last month appointed Kang Byung-kwan, the youngest CEO candidate in the industry in his 40s and former head of Samsung Fire & Marine Insurance’s investment management division, as CEO.

Shinhan Financial plans to strengthen its business portfolio as a comprehensive financial company through this acquisition of a non-life insurance company, and based on group collaboration from the One-Shinhan perspective, will provide various services including lifestyle-oriented insurance products.

In particular, Shinhan Financial intends to proceed with a paid-in capital increase and a name change for Cardif Insurance, and plans to introduce a digital-based non-life insurance company with diversified business areas through various collaborations with external entities such as startups in the future.

A Shinhan Financial official stated, "The incorporation of Cardif Insurance as a subsidiary is expected to be a driving force for the growth of the group’s non-banking sector," adding, "Shinhan Financial, which has grown based on successful mergers and acquisitions (M&A), will accelerate its development into a top-tier financial group with an even stronger portfolio."

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