Fubon Hyundai Life Insurance promotes capital expansion to 600 billion units… “For preemptive response to IFRS17 and K-ICS”

Fubon Hyundai Life Insurance held a board meeting on the 18th and approved a total capital increase of 60.8 billion won, including a capital increase of 458 billion won and issuance of subordinated bonds of up to 150 billion won.

The capital increase of 458 billion won is expected to be completed in July after going through related procedures such as subscription procedures.

The issuance of subordinated bonds worth 150 billion won is planned to be implemented gradually by the end of this year according to market conditions.

The company said, “This capital expansion maintains an appropriate RBC (payment capacity) ratio according to continuous asset growth and business expansion, and the new International Accounting Standards (IFRS17) and the new payment capacity system (K-ICS), which are scheduled to be introduced in 2023, are preemptive. It is the dimension of the enemy response action.

Meanwhile, Fubon Life Insurance, Taiwan’s largest shareholder of Fubon Hyundai Life, will invest more than 1 trillion won in the Korean market upon completion of this capital increase.

It invested 220 billion won in December 2015 and 240 billion won in Fubon Hyundai Life Insurance in September 2018. In September 2019, he invested 358.5 billion won in Woori Financial Group and owns a 4% stake in Woori Financial Group.