KDIC to sell stake in Korea Life via insurer's IPO

SEOUL, Feb. 8 (Yonhap) -- South Korea's state-run deposit insurer plans to sell
part of its 33 percent stake in Korea Life Insurance Co. when the insurer
conducts an initial public offering in March, a committee supervising the sale of
state assets said Monday.
Korea Life Insurance, South Korea's third-largest life insurer, plans to go
public next month, which is likely to enable it to raise some 2 trillion won in
share offering.
"The committee approved a plan by Korea Deposit Insurance Corp. (KDIC) to offload
its part of stakes in the insurer," the Public Fund Oversight Committee said in a
statement. "The exact size of the stake sale will be later decided."
The KDIC is the second-largest shareholder of Korea Life, tracking Hanwha Group
with a 67 percent interest.
sooyeon@yna.co.kr
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