TOKYO — Japanese financial services group SBI Holdings will increase its stake in Kyobo Life Insurance, South Korea’s third-biggest life insurance company, to over 20% from the current 9.3%, Nikkei has learned.
SBI aims to draw on the South Korean company’s digital skills to improve its own insurance business, which has been lagging behind other core operations such as banking and stock trading. SBI’s total investment in Kyobo, including its additional funding this time around, are expected to be about 100 billion yen ($700 million).
