National Credit Union Federation of Korea: "No Impact on Policyholders from MG Non-Life Insurance Agreement Change"

"MG Non-Life Insurance Is Not a Subsidiary of the Credit Union"
Brand Temporarily Used Through Trademark Agreement
"Immediate Termination of Trademark Agreement Considered Upon Establishment of Bridge Insurance Company"

The National Credit Union Federation of Korea stated on May 15, "MG Non-Life Insurance is a separate company that has no direct connection to the credit union," and added, "Even if MG Non-Life Insurance's business is partially suspended or liquidated, there will be absolutely no impact on credit union policyholders."

The Federation further explained, "MG Non-Life Insurance is not a subsidiary of the credit union, but a company that temporarily uses the MG brand through a trademark agreement with the credit union."

The Federation also said it is considering immediately terminating the trademark agreement with MG Non-Life Insurance once the establishment of a bridge insurance company, as promoted by the financial authorities, is completed. It added, "Even if the related process is not completed within this year, the current trademark agreement expires on December 31, 2025, so the use of the MG brand name will end this year."