Established in 1987, ING Life Korea offers a comprehensive suite of life insurance products across the customer lifecycle. The company comprises of about 1.3 million customers, more than 1,000 employees and approximately 6,800 tied agents.

Under the terms of the agreement, ING will hold an indirect stake of approximately 10% in ING Life Korea for an amount of KRW120 billion ($107.8 million).

ING has also reached a licensing agreement that will allow ING Life Korea to continue to operate under the ING brand for a maximum period of five years. In addition, over the course of one year, ING will continue to provide technical support and advice to ING Life Korea.

Commenting on the agreement, ING Group CEO, Jan Hommen, said: "This transaction is a major step in the divestment of our Asian insurance and investment management activities. Together with the scheduled payment of the next tranche of the core Tier 1 securities to the Dutch State in November 2013, this will bring us further into the end phase of the restructuring of our company.

"I am convinced that with the support of MBK Partners, ING Life Korea will continue to grow its customer offering and build on its position as the fifth-largest insurance company in the Korean market. Through its 10% stake, ING will be able to benefit from that growth potential," Hommen added.

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By GlobalData

ING said that the transaction, which is subject to regulatory approvals, is expected to close in the fourth quarter of 2013 and does not impact its commercial banking activities in South Korea.