ABL Life Makes Additional Investment of 14.2 Billion KRW in Subsidiary ABA Financial Services

ABL Life announced on the 22nd that it has decided to make an additional investment of 14.2 billion KRW in its subsidiary-type corporate insurance agency (GA), ABA Financial Services.

With the additional investment approved at the board meeting on the 26th of last month, the capital of ABA Financial Services has increased to 33.1 billion KRW. Through this investment, ABL Life aims to support ABA Financial Services in strengthening its competitiveness in the GA market and establishing a foundation for long-term growth.

Exterior view of the ABL Life headquarters building. [Photo by ABL Life]

ABA Financial Services is a subsidiary-type GA of ABL Life, launched in January 2019. In April, it appointed sales expert Seongjin An as the new CEO. Currently, ABA Financial Services has partnerships with 10 life insurance companies and 10 non-life insurance companies. With this capital increase, the company plans to significantly expand investments in acquiring external organizations including mergers and acquisitions (M&A) and strengthening sales organization competitiveness, based on its already competitive sales support system, sales manager career development programs, prospective customer database (DB) provision system, and digital sales support platform.

Seongjin An, CEO of ABA Financial Services, said, “Over the past five years, while the GA market’s growth has stagnated compared to the past, ABA Financial Services has built a differentiated sales support system and developed digital platforms to lay the foundation for growth into a large-scale GA. Through this capital increase, we will accelerate our growth into a large GA by increasing investments to secure high-quality organizations.”