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Kyobo Life Insurance pushes for IPO next year

All Headlines 15:09 December 11, 2018

SEOUL, Dec. 11 (Yonhap) -- Kyobo Life Insurance, one of South Korea's leading life insurers, said Tuesday it has decided to push to be listed on the country's main stock market in the second half of next year.

During a regular board meeting, Kyobo made the decision with the aim of bolstering its capital base in preparation for the introduction of the International Financial Reporting Standard 17 (IFRS17) in 2022, a new rule on the accounting for insurance products.

"In order to smoothly adapt to regulatory changes, we're striving to beef up our capital," a Kyobo official said. "If the IPO goes as well as planned, we will be able to maintain a desirable level of financial soundness."

The amount of funds to be raised via IPO has not been fixed, the company said, adding it will soon choose lead managers.

Currently, chairman Shin Chang-jae is its largest shareholder with a stake of 33.8 percent.

If Kyobo Life successfully debuts on the KOSPI market, it will be the sixth such insurer in the country.

Since its establishment in 1958, Kyobo has developed into the country's top three life insurance firms along with Samsung Life Insurance Co., and Hanwha Life Insurance Co.

As of September 2018, the company held 108 trillion won (US$95.63 billion) in total assets, and had 43.4 million customers. It has nine affiliates, including Kyobo Securities Co.

Kyobo Life Insurance pushes for IPO next year - 1

graceoh@yna.co.kr
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