Korea Life unlikely to pursue acquisition of ING's Asia ops

HONG KONG Mon Aug 20, 2012 5:05am EDT

HONG KONG Aug 20 (Reuters) - Korea Life Insurance Co Ltd is unlikely to pursue the purchase of Dutch insurer ING's Southeast Asian life insurance operations, a spokesman for the Korean firm's parent, Hanwha Group, said on Monday.

Chang Il-hyung told reporters that Korea Life had competed fiercely to acquire ING's Southeast Asian life insurance business, but in many ways Hanwha Group appeared to be in a disadvantageous position.

"You can view [Korea Life] as discontinuing attempts to acquire [ING's Southeast Asian business]," he added.

Hanwha Group Chairman Kim Seung-youn was jailed last week after receiving a four-year sentence for breach of trust. Korea Life is a unit of Hanwha Group. (Reporting by Joyce Lee; Writing by Denny Thomas; Editing by Clarence Fernandez)

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