Insurance M&A practitioner’s move after declaring, “Sell everything but the people”
5In 22information made public, an executive said they had led the acquisition of a major insurer twice and had made financial soundness the top priority under a policy of “selling everything but the people.” The executive was reported to have led the practical work on the merger of Shinhan Life and Orange Life, and on Woori Financial Group’s acquisitions of Dongyang Life and ABL Life.
An executive is said to have led the acquisition of major insurers twice. The executive reportedly led the merger of Shinhan Life and Orange Life and served as CEO of the integrated Shinhan Life. The same person is also reported to have been involved in Woori Financial Group’s acquisition of Dongyang Life and ABL Life. The executive set out a principle of making financial soundness the top priority. The key slogan was reportedly “sell everything but the people.” This slogan is described as referring to the sale of non-core assets and capital increases. The executive is reported to have managed asset disposals and organizational integration during past mergers and acquisitions. An example was cited in which the executive took on a management role after integration and led organizational restructuring and the reorganization of the financial structure. The related remarks were made public in 5in 22was made public. The article did not include details such as a specific list of assets for sale or sale conditions. It noted that further disclosure would be needed to specify which assets would be sold and when. The information made public so far focuses on the management policy and the executive’s past record. The article did not give specific details of the market impact or financial figures. Further details are expected to be supplemented if there are additional disclosures or announcements from the company. What has been made public so far concerns the management policy and past M&A record.
Sources: 매일경제 경제
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