Kyobo Life Insurance has started selecting an advisory firm to pursue an acquisition of AXA General Insurance, with due diligence expected to begin as early as the end of this month or early next month. A Kyobo Life official said, "We plan to make a final decision on the acquisition after conducting due diligence and price negotiations." The deal is being structured as a private transaction with France's AXA Group, which owns 99.76% of AXA General Insurance, allowing the two sides to negotiate directly without a separate bidding process. Analysts estimate the insurer's enterprise value at about 200 billion won to 300 billion won, based in part on its 313.1 billion won equity capital and the average 0.68 times price-to-book ratio of listed non-life insurers, with a control premium and the value of its non-life insurance license potentially lifting the valuation toward the upper end. AXA General Insurance ranks 16th in South Korea's non-life insurance market by assets and posted first-quarter net profit of 4.5 billion won while reporting a Korean Insurance Capital Standard ratio of 175.6% under transitional measures, above the financial authorities' recommended 130%. A deal would reconnect Kyobo Life with a former affiliate about two decades after it sold control, strengthen its push beyond a life insurance-centered structure, and support its broader plan to become a financial holding company after recent acquisitions in savings banking and asset management.