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Biz News Korea(Eng)
ING Life mulls IPO next year amid delayed sales
- Collected
- 2016.12.10
- Distributed
- 2016.12.12
- Source
- Go Direct
ING Insurance Korea, the nation’s fifth largest, said Friday that it has applied to the stock authority for preliminary review for its initial public offering planned for the second quarter next year. It picked Samsung Securities Co. And Morgan Stanley to advise on the procedure.
MBK Partners bought a 100 percent stake in ING Insurance Korea from Dutch ING Group back in December in 2013 at 1.8 trillion won ($1.54 billion) The Korean insurer is the fifth-largest life insurer in Korea with equity capital of 5.05 trillion won on total assets of 31.8 trillion won. The firm’s revenue and operating income significantly improved under MBK Partners. Operating revenue jumped from 2.78 trillion won in 2013 to 4.68 trillion won last year, while operating income surged from 253.7 billion won to 407.9 billion won in the same period.
MBK Partners has been tapping Chinese buyers such as Hong Kong-based investment firm JD Capital, Taiping Insurance Group, Fosun International and Anbang Insurance Group to sell the insurer, but talks were stalled as business conditions soured after Seoul went through with its decision to deploy U.S. antimissile system Terminal High Altitude Area Defense (THAAD) despite strong protest from Beijing.
MBK is weighing both options of IPO and equity sale.
By Han Woo-ram
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]