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Kyobo Life Insurance to issue up to US$1B of hybrid securities

South Korea-based Kyobo Life Insurance Co. Ltd. said it will raise between US$500 million and US$1 billion from a global hybrid securities issuance, The Chosun Ilbo reported May 30.

The insurer will complete preparations for the issuance by July, according to the report.

Kyobo Life is seeking to beef up its capital base before the rollout of the IFRS 17 insurance contracts accounting standards in 2021. The company's capital boosting plan includes a share issuance in case more equity capital is deemed necessary.