TONG YANG AIMS TO BE FIRST LISTED LIFE INSURER IN SOUTH KOREA

Seoul-based life insurer Tong Yang Life Insurance is looking to go through an initial public offering in September or October, reports claims. The move, which would make Tong Yang South Korea's first listed life insurer should raise around $500m. It is seen as a response to plans to allow more foreign investment in the South Korean markets. Last year the South Korean authorities passed long-awaited legislation allowing initial public offerings among the country's life insurers. Tong Yang is a subsidiary of Korean conglomerate Tong Yang Group. Sources quoted by Reuters claimed Tong Yang's initial public offering is being run by investment banks Credit Suisse and Morgan Stanley with South Korea's Daewoo Securities and Goodmorning Shinhan Securities acting as domestic lead managers.