Hyundai Life changes name to Fubon Hyundai LifeSeptember 18 2018 by InsuranceAsia News Staff
Korean life insurer Hyundai Life Insurance has changed its brand name to Fubon Hyundai Life Insurance, following a change in the hierarchy of its large shareholders.
In a statement, the company announced that the name change was approved in an ad hoc shareholders’ meeting.
According to the firm, the private placement of new shares worth W300 billion (US$266.5 million) increased the stake of Taiwan’s Fubon Life Insurance from 48.62% to 62.4%.
This makes it the single-largest shareholder in the life insurer, previously Green Cross Life, that Hyundai Motor Group acquired in 2012.
To note, Fubon Life became a majority stakeholder by acquiring the shares allocated to Hyundai Mobis, which held 30.28% before the new issuance. Hyundai Commercial now owns 20.2% (from its previous 23.37%), while Hyundai Mobis has 16.9%.
- February 18
Korea Institute of Finance report suggests market could be a boon for South Korea.
- February 13
Orange Life CEO withdrawal leads to appointment of an external candidate.
- January 18
The majority purchase of the former ING Life Korea business will give the group its second life insurer.
- January 7
Marketing budgets and commissions are on the rise amid intense competition.