Hanwha Life Insurance boosts stake in affiliated digital insurer

(Hanwha Life Insurance)

South Korea’s Hanwha Life Insurance said on Thursday that it acquired 25.86 million shares in its non-life affiliate Carrot General Insurance Co. for 205.6 billion won ($143 million) to raise its ownership stake to 98.3 percent.

The move signals the first step toward an absorption-type merger between Hanwha Life Insurance and the digital insurer. The parent insurer held a 59.6 percent stake before the merger.