Hyundai Marine & Fire Insurance Co. Ltd. (KOSE:A001450) agreed to acquire insurance business from Hyundai Hicar Direct Auto Insurance Co., Ltd. for KRW 38 billion on January 29, 2015. The insurance business reported sales of KRW 587.4 billion for the year ended December 31, 2014.

The transaction is subject to approval from Financial Services Commission and the shareholders of Hyundai Marine & Fire Insurance Co. Ltd. The general meeting is expected to be held on March 27, 2015. The transaction is expected to close on June 30, 2015.