[Asia Economy Reporter Buaeri] KB Financial Group announced on the 14th that it will merge Prudential Life Insurance and KB Life Insurance.
The integrated life insurance company is scheduled to launch early next year, and the new name will be decided after gathering opinions in the second half of this year. KB Financial Group explained, "The integration of Prudential Life Insurance and KB Life Insurance will combine the sales channels of the two companies, expanding customer touchpoints and providing premium comprehensive financial consulting services."
The integrated life insurance company plans to offer customized comprehensive asset management services for customers, including outbound consultations for those with time constraints, as well as inheritance and retirement planning, and business succession advisory.
The company stated that this integration is expected to achieve economies of scale through securing growth potential and business capabilities, as well as enhancing capital soundness.
The two companies have jointly operated various departments such as sales support, IT, asset management, accounting, and HR since the acquisition of Prudential Life Insurance, and plan to complete the integration procedures by the end of this year.
A KB Financial Group official said, "We will do our best not only for physical integration such as workspace and IT integration but also for chemical integration, including harmonizing the different corporate cultures of the two companies and fostering unity among employees."
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