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Hyundai Marine & Fire Insurance mulls US$500M hybrid debt issuance

Hyundai Marine & Fire Insurance Co. Ltd. is planning to raise US$500 million from a hybrid debt issuance in the second half, which would make it the first South Korean nonlife insurance company to issue international hybrid securities, FNTIMES reported May 10.

The company said the plan is in early stages of development, with no decision made on the amount or the lead manager.

South Korean insurers are beefing up their capital base in anticipation for the rollout of new accounting standards known as IFRS 17 in 2021.

An increasing number of life insurance companies are tapping the global market for hybrid securities. Most recently, Hanwha Life Insurance Co. Ltd. raised US$1 billion in hybrid debt in April.