aviva-woori-pay-146-million-for-koreas-lig-life

Aviva, Woori pay $146 million for KoreaÆs LIG Life

UK insurer Aviva is on a growth path in Asia, with CEO Andrew Moss targeting at least 20% annual growth from the region.
By Liz Mak
January 31, 2008
Aviva, UKÆs largest life insurance group, has announced a W137.17 billion $146 million acquisition of a 91.65% stake in South KoreaÆs LIG Life Insurance together with KoreaÆs largest financial holding group Woori Finance Holdings. Aviva will hold 40.65% of the Korean life insurer once the deal is completed.

LIG Insurance, the largest shareholder of LIG Life, is a listed company on the Korean Exchange. It has a market capitalisation of W1.047 trillion $1.1 billion as of the close of trading on January 29, 2008.

The acquisition will give Aviva access to AsiaÆs second largest insurance market after Japan. This is part of the groupÆs strategy to diversify away from the saturated UK and European...
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