July 27, 2016 3:53 PM ET

Insurance

Company Overview of Kyobo Life Insurance Co., Ltd.

Company Overview

Kyobo Life Insurance Co., Ltd. engages in life insurance business and related reinsurance contracts in South Korea. Its insurance products include individual annuity, endowment and pure endowment, death, and group insurance. The company also offers pension services; stock brokerage and asset management services; safety services; computers and office equipment leasing services; and real estate leasing and non-residential property management services. In addition, it retails books, magazines, and stationery; and provides software advisory and development services. The company was formerly known as Daehan Kyoyuk Insurance Co., Ltd. and changed its name to Kyobo Life Insurance Co., Ltd. in April...

1, Jong-ro

Jongno-Gu

Seoul,  03154

South Korea

Founded in 1958

Phone:

82 2 1588 1001

Key Executives for Kyobo Life Insurance Co., Ltd.

Chairman and Chief Executive Officer
Age: 63
Chief Financial Officer, Vice President and Director
Vice Chairman and Chief Operating Officer
Chief Investment Officer and Senior Executive Vice President
Head of Accounting Team, Executive Vice President for Financial Managemet Team, Accounting Team, Actuarial Team, General Affairs Team, Internal Audit Management Officer and Internal Accounting Control System Officer
Compensation as of Fiscal Year 2016.

Kyobo Life Insurance Co., Ltd. Key Developments

China Life Insurance And China Taiping Insurance Reportedly Eyeing ING Life Insurance Korea

China Life Insurance Co. Ltd. (SEHK:2628) and China Taiping Insurance Holdings Company Limited (SEHK:966) are interested in ING Life Insurance Korea Limited. According to sources close to the matter, China Life Insurance and China Taiping Insurance have expressed initial interest in acquiring ING Life Insurance Korea, in a sale that could bring in about $3 billion. Kyobo Life Insurance Co., Ltd., which previously confirmed it had placed an initial bid to buy ING Life Insurance Korea, was dropped by seller MBK Partners, one of the sources said. According to the news report, the sources declined to be identified as the sale process was confidential. Market Insight reported quoting unnamed sources as saying that with Kyobo's dropout, seven bidders who put in letters of interest remain in the race, including five China-based bidders, an unnamed South Korean suitor and an unnamed European contender. The report mentioned that MBK Partners’ advisor Morgan Stanley and China Taiping declined to comment, a Kyobo Life spokesman did not have an immediate comment while China Life officials said they were not aware of the bid.

Kyobo Life Eyes Bid for ING Life Korea

Kyobo Life Insurance Co., Ltd. is participating in preliminary bidding in the sale of ING Life Insurance Korea Limited. According to Kyobo Life Insurance official, the company submitted a letter of investment (LOI) intent to Morgan Stanley (NYSE: MS), which is managing the sale, the initial deadline for preliminary bidding. China Life Insurance (Group) Company Limited also sent an LOI; while Anbang Insurance Group Co., Ltd did not participate. 'Kyobo tried to buy ING Life Korea about three years ago,' said an official. 'This time, we participated in pre-bidding so that we can conduct due diligence.' Sources said only companies shortlisted as preliminary bidders can conduct due diligence, meaning it is 'a great opportunity to observe a rival, or a potential acquisition target.' According to Kyobo, it will first conduct due diligence and then its board of directors will decide whether it will join the actual auction.

MBK Partners Reportedly Extends Offer Period For ING Life Insurance Korea

MBK Partners will be reportedly extending its sales offer for ING Life Insurance Korea Limited by the end of this week, according to news media citing investment banking sources. Only about three companies at home and abroad submitted their letters of intent. News reported that Hanwha Life Insurance Co., Ltd. (KOSE:A088350), KB Financial Group, Inc. (KOSE:A105560) and Kyobo Life Insurance Co., Ltd. did not show interest in acquiring ING, with no other private equities eyeing to buy it. MBK is seeking to sell the shares for about KRW 3 trillion to KRW 4 trillion. Morgan Stanley is the sales manager of MBK's ING Life Insurance.

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