Four to Compete for Korea Life Insurance

LG Group, French life insurer AXA, an American and a Japanese financial institute will be participating in the bid for Korea Life Insurance Co.
The Financial Supervisory Commission(FSC) on May 8 closed the bidding process for the insurance company, which was placed under government control because its liabilities surpassed its assets. On May 10, the FSC stated that one forecasted contender, U.S.-based Metropolitan Life Insurance, did not submit a letter of intention, so the final competitors total four groups.
A source from the government stated, 'Metropolitan hinted at its resignation from the process to the Department of State a week ago, because it was already swaying under too much financial burden.'
LG and AXA are the strong frontrunners for the takeover. The FSC will decide on one or two final candidates on May 12.
Hwashik Bong : trojans@joongang.co.kr