Investing.com -- Japan’s financial services group, SBI Holdings, plans to raise its stake in Kyobo Life Insurance (NSE: LIFI ), South Korea’s third-largest life insurance provider. The stake will be increased to over 20% from the current 9.3%, according to Nikkei . The move is part of SBI’s strategy to leverage the digital expertise of Kyobo to enhance its own insurance operations, which have been underperforming compared to other key areas like banking and stock trading.

SBI’s total investment in Kyobo, including the additional capital infusion this time, is anticipated to reach around 100 billion yen ($700 million). By taking advantage of Kyobo’s digital know-how, SBI aims to boost its insurance business, which has been trailing behind its other core operations.

Kyobo Life Insurance is South Korea’s third-largest life insurance company. The firm’s digital proficiency is a valuable asset that SBI seeks to utilize in order to improve its own insurance operations. SBI Holdings is a comprehensive financial services group based in Japan, with diverse operations spanning banking, stock trading, and insurance.

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