Hana Financial Board of Directors Decides to Acquire The-K Non-Life Insurance

[Asia Economy Reporter Kim Min-young] Hana Financial Group has decided to acquire The-K Non-Life Insurance, a subsidiary of the Teachers' Credit Union.

According to the financial sector on the 20th, Hana Financial held a board meeting on the same day and resolved to acquire 70% of the shares of The-K Non-Life Insurance. The acquisition price is reported to be around 100 billion KRW.

Hana Financial has communicated the acquisition conditions, including the price, to The-K Non-Life Insurance and is awaiting a response.

Hana Financial's move to acquire The-K Non-Life Insurance is aimed at strengthening its non-banking sector. Hana Financial plans to expand the non-banking sector's share to 30% of the group's total revenue by 2025. While Hana Financial has affiliates in banking, securities, credit cards, life insurance, and savings banks, it currently does not have a non-life insurance company.

The-K Non-Life Insurance is a company wholly funded by the Teachers' Credit Union. It started as a specialized automobile insurance company and was upgraded to a comprehensive non-life insurance company in 2014.

Although it ranks in the lower tier in terms of asset size, its competitiveness lies in the fact that a significant portion of its policyholders are teachers and that it holds a comprehensive non-life insurance license.