April 20, 2024

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[THE INVESTOR] Kyobo Life Insurance said on Dec. 11 it will push to be listed on the country’s main bourse 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 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.

As of September 2018, the company held 108 trillion won (US$95.63 billion) in total assets, and had 43.4 million customers.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)