JKL Partners fails to normalize Lotte Insurance
Posted : 2021-02-17 16:44
By Park Jae-hyuk
JKL Partners failed to get Lotte Insurance to turn a profit again last year, although the local private equity firm (PEF) sent 400 of the insurer s employees home and closed 40 offices out of 140 since its takeover in October 2019.
Due to the unsatisfactory result, JKL is expected to face more difficulties over the next few years in its attempt to recoup its investment by reselling the insurance firm.
According to a recent regulatory filing by Lotte Insurance, the company posted an operating loss of 20.8 billion won ($18 million) last year. This followed its 70.9 billion won operating loss in 2019.