Samsung Life Insurance eyes acquisition in the Philippines

June 3 2015 by InsuranceAsia News Staff

Samsung Life Insurance, South Korea’s largest and most prominent insurer, is reportedly expanding in the Philippines, with plans to purchase a local life insurer.

It has been reported that Samsung Life Insurance is interested in the growing prospects in the Philippines, where insurance penetration is only 1.5% of a total population of approximately 100 million people.

Insurance commissioner Emmanuel F Dooc was quoted as saying that a foreign investor, which belongs to the largest conglomerate in its country, is dead set on establishing a commercial presence in the Philippines.

Dooc added that the investor seeks to pursue an acquisition of a local insurer because it wants to hit the ground running.

The commissioner added that foreign insurers were keen on the Philippines due to the country’s growing economy, low insurance penetration rate, and large population.

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