South Korea's ING Life Insurance applies for IPO listing

Added 17th February 2017

Seoul-based ING Life Insurance Korea, South Korea's fifth-largest life insurer, has applied for an initial public offering (IPO).

South Korean Dancing

An offfical at the country's sole exchange operator, Korea Exchange, told Reuters that the insurer, controlled by Asia-based private equity firm MBK Partners, had applied for a listing.

ING Life Insurance, which MBK acquired from the Netherlands' ING Groep in late 2013, said in a statement last December it had chosen Morgan Stanley and Samsung Securities as lead advisers for an IPO.

ING Life had KRW31.8trn (£22.4bn, $27.9bn, €26.3bn) in assets as of end-September 2016, and reported net profits of KRW304.8bn in 2015, up from KRW223.5bn in 2014, according to the company.

Seoul-based analysts predict the IPO would be worth about KRW1.5trn.

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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