ING PLANS CAPITAL INJECTION INTO KOREAN LIFE VENTURE

Netherlands-based insurer ING intends to join forces with South Korea-based partner Kookmin Bank to invest a combined 480bn won (€400m) in ING Life Korea, reports Korea Times . ING Asia/Pacific boss Jacques Kemp said that “the solvency margin has fallen with the soaring interest rate in Korea. We are planning an additional capital injection to show our commitment in the Korean market and fiscal soundness”. ING and Kookmin will invest funds in direct proportion to their stakes in ING Life Korea, with ING injecting €320m and Kookmin Bank putting in €80m. The companies said that the injection would raise the assurer’s solvency ratio from the current 153% to above 200%. ING also stated that it planned to buy back a 5% stake in ING Life Korea from Kookmin Bank, the report claimed.