Hanwha Life Insurance, Kyobo Life Insurance, Tongyang Life Insurance and the two buyout houses make up the final five bidders for a 51 per cent stake in the business.
Hanwha and Kyobo are South Korea’s second and third-largest insurers, while Tongyang is backed by Vogo Capital.
Last year South Korean group KB made a $2.1bn offer which it later withdrew after its directors voted against the deal, saying it was too risky.
ING, which has already disposed of its units in Malaysia, Thailand and Hong Kong, also has operations in Japan.
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