Monday, July 24, 2017

Korea’s ING Life raises US$974m

ING Life, Korea’s fifth-largest life insurer, raised W1.1 trillion (US$974 million) after pricing its initial public offering (IPO) near the lower end of an indicative range.

The listing is South Korea’s second largest so far this year.

Despite pricing its IPO near the lower end of its target, the Korean insurer said it can continue paying hefty dividends as it has a good capital-adequacy ratio and because it depends on higher-margin captive agents for growth, rather than independent agents.

ING Life chief executive officer Cheong Mun-kuk said investors were very interested in the company’s attractive dividends, with hedge funds responding positively.

In a filing, ING Life said it priced its IPO at W33,000 per share, compared with an indicative range of W31,500-40,000 each.

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