Hanwha Life Insurance Co., South Korea’s No. 2 life insurer, said Thursday it is considering acquiring the local life insurance unit of ING Group.

“Hanwha Life is considering taking over ING Life Korea,” an official from the firm said. “However, nothing has been determined yet.”

The move comes after the board of KB Financial Group Inc., South Korea’s No. 2 banking group, turned down a company plan to take over ING Life Korea on Dec. 18 last year, dealing a blow to the group’s push for business expansion.

The global insurance giant ING Group decided to sell its South Korean subsidiary earlier in a bid to tide over its financial problems. (Yonhap News)