KYOBO LIFE IN DISCUSSIONS WITH AXA OVER MOTOR UNIT

South Korean composite Kyobo Life is in talks with France-based AXA to sell Kyobo Life’s motor insurance subsidiary reports Maeil Business . An unnamed Kyobo Life official was quoted as saying that “it is true that we contacted AXA this year ... but talks are at an early stage and nothing has been decided yet”. Early last year France’s Les Echos reported that AXA had held talks about acquiring a stake in Kyobo Life from Korea Asset Management Corp (KAMCO). Kyobo Life’s motor insurance operation has a 28.8% market share in South Korea, and analysts estimated that Kyobo Life’s 74.7% stake could be worth about 100bn won.