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Shinhan Financial Group · 055550 · Holding companies
Shinhan Financial Group Board Approves ₩693.3B Acquisition of 77.0% of Lotte Non-Life Insurance
Why this report
Written after:
- M&A / restructuringAcquisition of shares in another companyOct 13, 2026
Shinhan's board approved buying 239,082,287 shares of Lotte Non-Life Insurance for about ₩693.3B, giving it a 77.04% stake. The deal is small relative to Shinhan's equity, so it changes the group's business mix more than its financial profile, and closing still depends on regulatory approvals.
Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
What happened
In a voluntary disclosure dated 2026-10-13, Shinhan said its board resolved to acquire 239,082,287 common shares of Lotte Non-Life Insurance, a Korean property and casualty insurer, for cash. The stated amount is ₩693,338,632,300 (about ₩693.3B). That equals 1.15% of Shinhan's equity of about ₩60.4T (2025 year-end consolidated basis) and results in a 77.04% stake out of 310,336,320 issued shares.
The stated purpose is to strengthen competitiveness as a comprehensive financial group, with management participation, and the company will become a subsidiary. All 9 independent directors attended the board meeting. No put option or similar agreement was disclosed.
The filing notes that the final price may change at closing and that the acquisition date is not yet set, as it depends on approvals from financial regulators. It also refers to an earlier Korea Exchange inquiry about press reports on this deal from 2026-06-29. The excerpt we have does not include Lotte Non-Life's summary financials, so the target's revenue and earnings are not available to us.
Every earlier JONBUR Research report and update note on Shinhan Financial Group, with Pro.
Unlock with ProModel estimate of fair value
- Bear
- ₩183,377
- +107%
- Base
- ₩254,373
- +187%
- Bull
- ₩352,094
- +298%
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.
A simple 5-year discounted cash flow from filed statements (H1 2026): revenue growth 3% fading to 2%, discount rate 9%. Per share, not a price target. See and change the assumptions
Filings and data used
- Acquisition of shares in another companyOct 13, 2026
- Investor relations (IR) eventOct 12, 2026
- Amended: Half-year report (Jun 2026)Oct 7, 2026
- Amended: Annual report (Dec 2025)Oct 7, 2026
- Domestic Filing of Major Disclosures Submitted to Overseas Stock Exchanges, etc. (Major Management Matters of Subsidiary)Oct 2, 2026
- Investor relations (IR) eventSep 22, 2026
- Securities Issuance Results ReportSep 18, 2026
- ProspectusSep 17, 2026
- Supplementary Documents to Shelf RegistrationSep 17, 2026
- Securities Issuance Results ReportSep 14, 2026
- ProspectusSep 14, 2026
- Investor relations (IR) eventSep 9, 2026
- Shinhan Financial acquires Lotte Insurance Co. for 693 bln wonOct 13, 2026
- Shinhan Financial Group: Acquires ₩693.3B Worth of Lotte Non-Life Insurance Shares, Stake Reaches 77%Oct 13, 2026
- Daily prices up to 2026-10-12
- Financial statements, trailing 12 months as of H1 2026
- Our fair value model, statements as of H1 2026
Report history
- Oct 27, 2026Update noteEarningsShinhan Financial Group Reports Q3 2026 Preliminary Results: Sales Nearly Double, Operating Profit Slightly Lower
- Oct 13, 2026Update noteM&A / restructuringShinhan Financial Group Board Approves ₩693.3B Acquisition of 77.0% of Lotte Non-Life Insurance
- Oct 13, 2026InitiationShinhan Financial Group: Steady Earnings Growth, Pullback in Shares and a New Insurance Acquisition
Source: KRX statistical information