Shinhan to acquire Lotte Insurance for W693.3b

What happened: Shinhan Financial Group signed an agreement to acquire a 77.04 percent stake in Lotte Insurance from private equity firm JKL Partners, ending a sale process that began in 2023. Key numbers: 693.3 billion won ($516 million) for the stake. Core capital ratio under K-ICS was minus 5.4 percent at end of June, up 16 percentage points in Q2. Why it matters: The deal expands Shinhan's nonlife business with an established customer base and portfolio, but Lotte Insurance needs capital injection ahead of tighter core capital requirements next year. Coverage: 3 outlets in 24h

Shinhan Financial Group signed an agreement to acquire a 77.04 percent stake in Lotte Insurance from private equity firm JKL Partners, ending a sale process that began in 2023.

The deal expands Shinhan's nonlife business with an established customer base and portfolio, but Lotte Insurance needs capital injection ahead of tighter core capital requirements next year.