Hanwha Life Insurance Co. Ltd. plans to raise 500 billion won via an issuance of hybrid securities.

The details of the issuance will be determined later.

The South Korean life insurer said that the capital increase is part of its ongoing efforts to upgrade its capital base in anticipation of the implementation of the IFRS 17 accounting standards from 2022.

As of May 24, US$1 was equivalent to 1,186.81 South Korean won.