Shinhan Financial Group has decided to merge Shinhan Life Insurance and Orange Life on July 1, 2021.
The group made the decision at a meeting of the NewLife Promotion Committee held via videoconferencing on the afternoon of March 30.
Industry experts say that Shinhan Life Insurance and Orange Life will be able to generate significant synergies if they are married as they are the industry’s strongest players in their differentiated sales channels and products such as TM channels, FC channels, health insurance, and variable insurance.
Upon completion of the merger between the two companies, Shinhan Financial Group will have a top-tier insurer which is No. 1 in capital adequacy and No. 3 in net income in the Korean life insurance industry.
In addition, Shinhan Financial Group will secure new growth momentum in the insurance business, one of its core business lines.