Korean Re eyeing takeovers for expansion

SEOUL, Jan. 14 (Yonhap) -- The chief of Korean Re Co. said Thursday that South
Korea's top reinsurer will seek to invest in or buy an insurance company either
at home or abroad in a bid to diversify its business portfolio.
"We plan to invest in an insurer in Asia or to enter the life insurance market at
home and abroad as part of efforts to expand our business scope," Korean Re chief
Park Jong-won told reporters. "By taking over a financial firm in the non-banking
sector, the company is also eying turning into a financial holding company."
He added that the company has around 1.1 trillion won (US$981 million) in funds
and can further secure 170 billion won if it cashes in some 15 percent of its
treasury stocks.
"The company is aiming to become the world's top five player by 2020 through
mergers and acquisitions," Park said, adding that it plans to expand its
Asia-focused overseas operations into the Americas and Europe.
Korean Re posted a net profit of 57.4 billion won in the April-November period of
last year.
sooyeon@yna.co.kr
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