KUMHO LIFE AIMS TO BE S KOREA’S SECOND LISTED LIFE INSURER

South Korea’s Kumho Life Insurance is planning a $500m initial public offering before the end of the year. A company source told Reuters that the firm was planning to put in an application in July or August if it gets approval from a shareholder meeting next week. An IPO would make Kumho Life South Korea’s second listed life insurance company. Tong Yang Life Insurance has already filed an application for a Seoul IPO. It had aimed to raise around $500 million via the share offering in the second half of this year, Reuters reported in April, adding its sources believe the Kumho offering was expected to match the estimated size of Tong Yang or fall slightly short of it. Kumho is looking to strengthen its financial structure ahead of the adoption of stricter accounting rules and to fund expansion, as financial sector liberalisation enables insurers to compete with banks and asset.