Private equity firm to sell majority stake in Lotte Insurance

A majority stake in Lotte Insurance, South Korea's seventh biggest non-life insurer, has been placed for sale for over KRW2tn ($1.45bn).

Local private equity firm JKL Partners is disposing of its stake of 77% in the insurer.

 

JKL bought a 53% stake in Lotte Insurance for KRW373.4bn in 2019 and increased its ownership to 77% through the insurer’s rights offering in October of the same year. The total amount invested by JKL was around KRW730m.

Lotte Insurance turned around its financial results in 2023, posting a net profit of KRW301.6bn, which was a record high.