MetLife Inc. has announced plans to buy the insurance arm of SK Group, a Korean conglomerate.
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Creditors of SK Networks are to sign a final agreement with MetLife early in January for the sale of SK Life, the companies said on Friday. MetLife is to buy a 97.37% stake in the insurer for $278.1 million to $287.7 million.
In late October MetLife had a 1.8% share of the Korean insurance market, and SK Life managed an additional 2.4%. The purchase is expected to add $1.18 billion of insurance premiums and help the post-merger entity compete against the Dutch insurer ING for fourth place in the industry.
