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HDI Seguros de Vida issues 227.95 million shares to reduce debt-to-equity ratio

Chilean life insurer HDI Seguros de Vida SA on Jan. 20 issued 227.95 million new shares, worth 943.42 million pesos, to bring its debt-to-equity ratio into line with local regulations, the company said in a securities filing.

As of Dec. 31, 2016, the firm's financial debt reached 1.1x equity, which exceeded the maximum limit of 1.0x. In addition, its investment deficit reached 481.31 million pesos.

However, the share issuance, as part of a capital increase approved in December 2016, has improved the company's debt-to-equity ratio to 0.65x, which is within the legal limit, the company noted.

In addition, the company currently has an investment surplus of 336.62 million pesos.

As of Jan. 19, US$1 was equivalent to 660.18 Chilean pesos.