Samsung insurers leave door open to overseas deals worth up to 9 trillion won

  • Samsung insurers leave door open to overseas deals worth up to 9 trillion won.
  • Samsung Life weighs purchase of about 15 percent of Principal Financial Group.
  • Samsung Fire considers taking control of London specialty insurer Canopius.

Samsung Fire & Marine Insurance and Samsung Life Insurance left the door open Thursday to overseas deals potentially worth up to 9 trillion won ($6.6 billion), stopping short of denying reports linking them to major acquisitions in the United Kingdom and the United States. Samsung Fire is reportedly considering taking control of London-based specialty insurer Canopius, where it already holds about 40% after investing roughly 1.2 trillion won through three rounds since 2019 and has been described as pushing for an 80% to 90% stake at an additional cost estimated in the mid-to-late 2 trillion won range and up to around 3 trillion won including a control premium. Samsung Life is said to be weighing the purchase of about 15 percent of U.S. financial group Principal Financial Group, a major 401(k) and asset-management group with more than 1,100 trillion won in assets under management; earlier accounts had pointed to around 10% or a mid-teens holding valued near 5 trillion to 6 trillion won. Both insurers hold stakes in Samsung Electronics and are expected to draw on dividend income to help fund the expansion, and a combined package on that scale would rank as the largest overseas M&A by a South Korean financial company, exceeding DB Insurance’s approximately 2.31 trillion won U.S. insurer purchase.

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