Kyobo Life aims for listing in 2019 to raise capital for IFRS

Kyobo Life Insurance said Tuesday it will push for listing on the country’s main stock market in the second half of next year.

During a regular board meeting, Kyobo made the decision with the aim of bolstering its capital base in preparation for the introduction of the International Financial Reporting Standard 17 (IFRS17) in 2022, a new rule on accounting for insurance products.

“We’re striving to beef up our capital,” a Kyobo official said. “If the IPO goes as well as planned, we will be able to maintain a desirable level of financial soundness.”

Chairman Shin Chang-jae is its largest shareholder with a stake of 33.8 percent.

If Kyobo Life successfully debuts on the market, it will be the sixth such insurer in the country.

Since its establishment in 1958, Kyobo has developed into one of the country’s top three life insurance firms.

Yonhap