Korea Life gets approval for March IPO

SEOUL, Jan. 29 (Yonhap) -- Korea Life Insurance Co., South Korea's third-largest
life insurer, received approval Friday to list its shares on Seoul's main bourse
in March, the Korea Exchange (KRX) said.
The life insurer, which is affiliated with Hanwha Group, booked a net profit of
162.1 billion won (US$140.1 million) in the first half of fiscal 2009 with total
assets at 55.3 trillion won, according to the KRX.
Korea Life is forecast to record some 2 trillion won in existing and new sales in
an initial public offering (IPO) ahead of its March listing.
The insurer's stock offering is due to be followed by top life insurer Samsung
Life Insurance Co.'s 4 trillion won IPO around May. Smaller player Mirae Asset
Life Insurance Co. is also angling to sell its shares for the first time sometime
in the second half of this year.
pbr@yna.co.kr
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