Korea Investment Holdings, a financial holding company in Korea, said Thursday it has been named the preferred bidder for KDB Life Insurance, an affiliate of the state-run Korea Development Bank (KDB). Three companies — Korea Investment Holdings, Hanwha Life Insurance and Heungkuk Life Insurance — had formally submitted their final bids for KDB Life Insurance last week. Korea Investment Holdings, which has a brokerage and other financial units under its wing, has sought to expand its business portfolio into insurance. Since 2014, KDB has attempted to sell the insurance unit. Korea Investment Holdings and KDB were expected to discuss the specifics of the sale, according to officials at the financial holding firm.