Fubon Hyundai Life Completes 458 Billion Won Capital Increase... RBC Expected to Exceed 225%
[Asia Economy Reporter Oh Hyung-gil] Fubon Hyundai Life announced on the 28th that it has completed a paid-in capital increase worth 458 billion KRW.
With this, Fubon Life, the largest shareholder of Fubon Hyundai Life from Taiwan, has invested a total of 1.27 trillion KRW in the Korean market since 2015. Taiwanese Fubon Life invested 220 billion KRW in Fubon Hyundai in 2015, 233.6 billion KRW in 2018, and in 2019 invested 358.5 billion KRW in Woori Financial Group, owning a 4% stake.
Through this capital increase, Fubon Hyundai Life plans to maintain an appropriate Risk-Based Capital (RBC) ratio and proactively respond to the new International Financial Reporting Standards (IFRS 17) scheduled to be introduced in 2023. The RBC ratio is expected to exceed 225% by the end of June.
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Fubon Hyundai Life stated, "We are improving profitability by securing a leading position in the retirement pension market and maintaining continuous growth, and enhancing the product portfolio in the bancassurance channel by mixing savings and protection products." They added, "We are also preparing to improve efficiency in the telemarketing (TM) channel, achieve qualitative growth in the financial planner (FP) channel, and relaunch the GA channel."
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