Shinhan Financial Group has signed a stock purchase contract to acquire a 77.04% stake in Lotte Non-Life Insurance from JKL Partners for KRW693.3bn ($515m), marking a major move to expand its non-banking portfolio and elevate its standing in South Korea's non-life insurance sector.
Following regulatory approval from financial authorities, Shinhan Financial Group intends to secure the remaining 22.96% stake before absorbing the business into Shinhan EZ Insurance.
Lotte Insurance is a mid-sized non-life insurer with strong growth potential, backed by a 70-year operational foundation cantered on long-term protection insurance. In the first six months of 2026, the company successfully expanded its base to approximately 3.34m customers and secured a contract service margin of KRW2.2tn.
Shinhan Financial aims to boost capital efficiency through synergy and gradual normalisation and will secure existing insurance contracts and ensuring job security for existing staff.