December 18, 2017 3:52 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. The company’s insurance products comprise individual annuity, pure endowment and endowment, death, and group insurance. It is also involved in the stock brokerage, software advisory and development, non-residential property management, safety, pension, computers and office equipment leasing, asset management wealth management, investment funds management, and real estate leasing services, as well as in services and on-line life insurance businesses; and retail of books, magazines, and stationeries. The company was formerly known as Daehan Kyoyuk Insurance Co., Ltd. and changed ...

Jongno-ro 1

Jongno-Gu

Seoul,  110-714

South Korea

Founded in 1958

Phone:

82 2 1588 1001

Key Executives for Kyobo Life Insurance Co., Ltd.

CEO & Chairman
Age: 64
Executive VP of Financial Management & Internal Audit Management Officer
Age: 56
Vice Chairman and Chief Operating Officer
Senior EVP & Chief Investment Officer
Age: 53
Senior EVP & Chief Information Technology Officer
Age: 63
Compensation as of Fiscal Year 2017.

Kyobo Life Insurance Co., Ltd. Key Developments

Kyobo Life, Hanwha Life And Korea Investment Confirm Bidding For Woori Bank

Kyobo Life Insurance Co., Ltd., Hanwha Life Insurance Co., Ltd. (KOSE:A088350) and Korea Investment Holdings Co., Ltd. (KOSE:A071050) confirmed that they are considering buying splinter stakes in Woori Bank Co., Ltd. (KOSE:A000030), in the privatization sale by Korea Deposit Insurance Corp. of 30% out of a 48.09% held by it to multiple investors. The bid is slated to open on September 23, 2016. Besides the three, National Pension Service, KT Corp. (KOSE:A030200) and some foreign private equity funds are also showing interest in the sale. POSCO (KOSE:A005490) was said to be interested in taking part in the bidding, but it officially withdrew the plan due to its internal restructuring process going forward. Affinity Equity Partners, Baring Private Equity Asia and ORIX Private Equity Korea Corporation, which Lee Kwang-goo, Chief Executive Officer of Woori Bank contacted in person at recent investor relations meetings, are also being considered as possible bidders.

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.

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