“Korea Economic Daily” quoted an anonymous source from the investment bank as saying that Shinhan Financial Group plans to invest a total of 1.2 trillion won to acquire Lotte's non-life insurance and implement capital restructuring. Shinhan has agreed to acquire 77.04% of JKL Partners' shares for 693.3 billion won, and plans to take over the remaining shares of Rakuten Insurance through tenders and other means next year. After turning Lotte Insurance into a wholly-owned subsidiary, Shinhan plans to merge Rakuten Insurance with Shinhan EZ Property Insurance and inject 300 billion won in additional capital into the merged insurance company through allotment of shares. After the acquisition is completed, Lotte Insurance plans to implement a capital reduction operation of approximately KRW 460 billion to meet the core capital requirements of K-ICS, the Korean insurance capital regulation standard that will come into effect next year.

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