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British Prudential Buys Life Insurer In Korea

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NU Online News Service, Sept. 21, 2:08 p.m. – Prudential Plc, London, has signed a memorandum of understanding to buy a 93.35% stake in Youngpoong Life Insurance Company, Seoul from Korea Zinc Company, Seoul, the parent of Youngpoong, according the online edition of Joong Ang Il Bo, a Korean daily.

Under the agreement, Prudential will buy the stake for $230 million, or 35 billion won, Joong Ang reports.

Youngpoong Life has $81 billion, or 106.6 billion won, in assets under management, says the paper. However, the insurance has a solvency margin ratio of 5,372.3%, the highest among Korean life insurers.