The board of KDB Life Insurance Co. Ltd. approved a plan to raise up to 250 billion won via a subordinated bond issuance by September, South Korea's Money Today reported June 4.
The company aims to raise its capital by 430 billion won for 2018, on top of a 300 billion won capital injection it received from the Korea Development Bank in January.
It raised US$200 million from a global hybrid securities issuance in May that offered a coupon rate of 7.5%, an exercise that reportedly improved its risk-based capital ratio by about 40 percentage points to 190%.
South Korean banks that shunned KDB Life's products in 2017, after its risked-based capital ratio fell below 150%, are reopening bancassurance channels to them, according to Money Today.
As of June 4, US$1 was equivalent to 1,071.07 South Korean won.
