Hanwha Insurance has withdrawn its plan to sell its stake in Carrot Insurance, a digital non-life insurer.
On the 25th, Hanwha Insurance Corporation announced that it had agreed to cancel the Carrot Insurance stock disposal contract signed with Hanwha Asset Management.
In September of last year, Hanwha Insurance decided to hand over all 13.32 million shares of Carrot Insurance to Hanwha Asset Management for a total of 54.2 billion won. This is because Hanwha Insurance needs to close its subsidiaries to improve its financial soundness, and asset management needs Carrot Insurance as part of its digital transformation.
However, when Hanwha Life Insurance, the parent company of Hanwha Asset Management, received an institutional warning last year and it became difficult to acquire Carrot Insurance, it was found that Hanwha Insurance eventually decided to terminate the contract. If an institutional warning is received, a reason for disqualification occurs in the eligibility of major shareholders, making it difficult to acquire subsidiaries, and entry into new businesses for one year is prohibited.
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Carrot Insurance is a digital insurance company founded by Hanwha Insurance, SK Telecom, Hyundai Motor Company, and Altos Ventures.
Hanwha Insurance said, “Within eight months from the date of signing the contract, it became difficult to close the transaction, including approval of the change of major shareholders, so the contract was canceled by agreement between the parties.”