MetLife Inc. wants to expand its market share Korea.
The New York insurer said Friday it is looking for opportunities to acquire locally in Korea to compete against the three large local insurers -- Samsung, Kyobo and Korea Life Insurance Co.
MetLife has a 2.5% market share in Korea as of the end of June and ranked fourth among foreign insurers. ING Life Insurance has 4.8% market share, Allianz Life Insurance has 3.9% and AIG Life Insurance has 2.9%. The three Korean firms control 63% of the market.
MetLife, which was the first firm to introduce variable universal life insurance products in Korea three years ago, has been in corporate takeover talks in Korea in 2000 to buy Korea Life and in 2005 to acquire SK Like, but both negotiations fell through.
In April, MetLife launched variable annuities with guaranteed minimum withdrawal benefits in Korea.
