July 16, 2012 / 5:33 AM / in 5 years

Korea Life submits bid for ING's Southeast Asian business: report

SEOUL (Reuters) - Korea Life Insurance Co (088350.KS) submitted a main bid for ING Groep’s ING.AS Southeast Asian insurance business, the online publication Edaily reported Monday.

Employees of Korea Life Insurance walk at the company's headquarters in Seoul March 17, 2010. REUTERS/Jo Yong-Hak

Binding bids are due on Monday for the sale of ING’s Asia insurance business that could end up topping $7 billion in total.

    A spokesman for Korea Life declined comment.

    ING Life Insurance Company Korea, ING’s unlisted South Korean insurance unit, was worth 2 trillion won ($1.74 billion) in net assets as of the end of March according to the firm’s regulatory filing.

    ($1 = 1150.3000 Korean won)

    Reporting By Joyce Lee

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