Headquarters of Shinhan Financial Group (left) in Jung-gu, central Seoul, and Samsung Life Insurance in Seocho-gu, southern Seoul. (Shinhan Financial Group and Samsung Life Insurance) South Korea's insurance merger and acquisition market is showing signs of life after years of stalled deals, as major financial groups seek to expand beyond their core businesses.Lotte Non-Life Insurance, KDB Life Insurance and Yebyeol Non-Life Insurance are all up for sale, with key bidding processes set to reach crucial stages in July and August.While the assets themselves are not new, buyer priorities have shifted. Banks are looking to strengthen nonbank earnings, securities firms want insurance licenses, and insurers are seeking acquisitions to defend their market positions.Korea Investment's missing pieceKorea Investment Holdings has emerged as the most aggressive bidder, joining the final auction for Yebyeol Non-Life while also reviewing Lotte Non-Life and KDB Life.The financial group has long sought to add an insurance business. At its annual shareholders' meeting in March, it said it was reviewing both life and nonlife insurers and aiming to complete a deal this year.Yebyeol appears to be the most immediate target. The bridge insurer, established by the Korea Deposit Insurance Corp. to absorb the assets and liabilities of failed MG Non-Life Insurance, has struggled to find a buyer after multiple failed auctions.The latest bidding round attracted four finalists — Korea Investment, Heungkuk Fire & Marine Insurance, OK Financial Group and JC Flowers. KDIC is expected to select a preferred bidder this month, with the size of its financial support remaining a key factor.Shinhan eyes Lotte Non-LifeLotte Non-Life, expected to be the largest insurance M&A deal of the second half, has attracted interest from Korea Investment and Shinhan Financial Group.The sale gained momentum after reports that its owner, JKL Partners, lowered its asking price from about 2 trillion won to around 1 trillion won ($1.3 billion to $664 million).For Shinhan, the acquisition would significantly strengthen its small nonlife insurance business. The group recently said it is reviewing various options to bolster its nonbank business, including a possible investment in Lotte Non-Life, while stressing that no decision has been made.Samsung Life reviews KDB LifeSamsung Life has also drawn attention by joining the preliminary bidding for KDB Life alongside Korea Investment, Kyobo Life, Hanwha Life and Heungkuk Life.Industry sources say the insurer has formed a task force and hired advisers to review the acquisition. KDB Life, with about 16 trillion won in assets and an improved capital position following a 500 billion won capital injection from Korea Development Bank in 2025, is viewed as a relatively affordable acquisition in the mature life insurance market.The renewed interest also follows Samsung Life's pledge in May to pursue new insurance and asset management acquisitions using its excess capital.The coming weeks will determine whether the renewed interest translates into deals. KDIC is expected to name a preferred bidder for Yebyeol this month, KDB Life's shortlisted bidders will conduct due diligence ahead of the main auction in August, and Lotte Non-Life is expected to launch its formal sale process as early as next month.