LINA said in a brief note that the parent group’s possible exit from Korea was being talked about by some investment banks, but it has not seen any specific action being taken by Cigna for a possible sale under the current circumstances. Goldman Sachs declined to comment.
It added that Cigna has not selected a sale manager.
LINA Life, founded in 1985, is a medium-sized life insurer in Korea with a net asset value of 1.7 trillion won ($1.4 billion). As the first foreign-owned life insurer in the country, it boasts of strong financial conditions with a risk-based capital ratio of 305.14% at the end of last year, above the industry average.