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.
- May 8
The insurance-linked securities market continued to slow in the first quarter, says Willis Re.
- April 25
Several major acquisitions played a role in market trends last year.
- April 18
The supply of traditional reinsurance capital hit its lowest point since 2012 last year, while alternative capital continued to grow.
- April 5
There’s no stopping the Hong Kong company as it continues its ambitious and acquisitive strategy.