US insurer American International Group (AIG) has ended its talks to buy three Hyundai Group-affiliated financial companies because it was unable to secure a key concession from the South Korean government.

The collapse of the 18-month talks means the end of a deal that would have been the largest foreign investment in the country's financial sector.

The three companies were Hyundai Securities, Hyundai Investment Trust & Securities and its unit Hyundai Investment Management.

AIG and WL Ross, a US investment company, had been in talks with the Korean government to buy controlling stakes in the three companies for about KRW1.1trn (£580m).

AIG said in a statement: "Despite the best efforts of all the parties concerned, it appears that an agreement will not be attained."

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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