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Hanwha General Insurance to issue up to US$400M of subordinated bonds

South Korea's Hanwha General Insurance Co. Ltd. said its board has decided to raise up to US$400 million from subordinated bonds.

The company said in an Aug. 31 filing that the debt offering is part of its effort to prepare for the rollout of the IFRS 17 accounting standards for insurance contracts.

The company said the terms and size of the bond issuance will be determined later, depending on capital market conditions.