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KDB Life Insurance plans to go public before another sale attempt

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KDB Life Insurance plans to go public before another sale attempt

South Korea's KDB Life Insurance Co. Ltd. plans to list its shares before seeking to find a buyer for a controlling stake in the company, CEO Chung Jae-wook told The Chosun Ilbo.

Chung, who took office in February, said the company will float its shares on the KOSDAQ, a trading board of Korea Exchange, in the first half of 2020 and then try to find a buyer for a controlling stake. KDB Life Insurance is a unit of state-run Korea Development Bank.

Korea Development Bank has failed three times in its efforts to sell the life insurance unit since 2014. In the meantime, KDB Life Insurance made losses for six consecutive quarters until 2017.

KDB Life Insurance was formerly known Kumho Life Insurance Co. Ltd. before Korea Development Bank took it over in 2010 from the then-troubled Kumho Asiana Group.