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South Korea's Hanwha Life to raise US$1B in hybrid issue

South Korea-based Hanwha Life Insurance Co. Ltd. plans to raise US$1 billion through an overseas issuance of hybrid securities as early as June, the Maeil Business Newspaper reported. The plan was approved by the insurer's board Feb. 28.

The insurer is beefing up its capital base ahead of the 2021 launch of the IFRS 17 accounting standards for insurance contracts. In April 2017, the insurer raised 500 billion South Korean won through an issuance of hybrid securities in the domestic market.

The US$1 billion issuance will improve the insurer's risk-based capital ratio to 226% from 206%, according to the report.

As of Feb. 28, US$1 was equivalent to 1,082.07 South Korean won.