Lina Life Insurance coverage, an affiliate of US headquartered Cigna, denied final Friday market reviews that that it was up on the market.
Numerous media reviews had beforehand stated that the US-based well being service firm deliberate to promote its stake within the wholly owned South Korean insurance coverage agency. As per reviews, the Cigna unit might have fetched over KRW3tn ($2.5bn) from the sale.
Based in 1987, Lina Life, the 13th largest insurer in South Korea, has made most of its earnings through residence procuring channels, reported The Korea Herald.
With rising enterprise challenges amid the low-interest fee surroundings and implementation of the brand new IFRS17 requirements, international insurers have been leaning to divest their Korean operations. If Cigna proceeded with the sale, it will be the fifth international insurance coverage firm to exit the South Korean market after Prudential (US), ING Group, Allianz Group and Prudential PCA of the UK.