South Korea’s MG Non-Life Insurance May Re-Enter Market After Sale Collapse

Financially troubled MG Non-Life Insurance may be put up for sale again after tentative agreement between the Financial Services Commission and its labour union to restart the process. The firm faced potential liquidation earlier this year and had planned to transfer its 1.51 million contracts via a bridge insurer.

Despite four failed sales since 2022, renewed efforts could now resume. The latest setback came in March, when Meritz Financial Group withdrew as the preferred bidder, citing job security concerns. MG Non-Life serves 1.24 million policyholders, mostly covering medical and property-related risks.