Fubon Life to become Hyundai Life’s largest shareholderMarch 29 2018 by InsuranceAsia News Staff
Insurance industry sources said Taiwan’s Fubon Life could become the largest shareholder of Korea’s Hyundai Life Insurance.
Fubon Life is reportedly in a recapitalisation scheme to take up the forfeited options of Hyundai Life’s second-largest shareholder, Hyundai Mobis.
Hyundai Life has been losing money since being founded in 2012. Its risk-based capital was at 148% as of the end of September, below the 150% threshold recommended by Korean authorities.
Hyundai Life is aiming to increase capital by issuing new shares worth W300 billion (US$281 million) to its existing shareholders.
The majority are held by Fubon Life, Hyundai Mobis, and Hyundai Commercial, with stakes of 48%, 30%, and 20% respectively.
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