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Korea Life Insurance, the country's No. 2 life insurer, may raise around $2 billion through its public offering, sources with direct knowledge of the matter said, in what would be Korea's largest IPO since 2006.
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iStock photos Life Insurance |
Korea Life joins a rash of planned insurance offerings in Asia, as the industry seeks to expand and as rising stock markets lift earnings for life insurers, for whom investment returns are a key source of income.
The Asia insurance IPO list includes AIG's AIA, Shanghai-traded China Pacific Insurance, which aims to raise $3.5 billion in Hong Kong, and Reliance Life in India.
Sources on Friday pegged the value of Korea Life at roughly $10 billion, and the expectation is to float a fifth of the business.
If Korea Life manages to raise that much, it would be the biggest IPO in South Korea since Lotte Shopping's $3.8 billion listing in 2006.
"Internally, nothing has been decided on the IPO size," a Korea Life Insurance spokesman said. "We have just started the preparation process."
The insurance firm has mandated six banks, including Goldman Sachs, JPMorgan and Deutsche Bank, to arrange the IPO.
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