NH Nonghyup Insurance Issues First 100 Billion KRW ESG Bond in the Insurance Industry
[Asia Economy Reporter Oh Hyung-gil] NH NongHyup Property & Casualty Insurance announced on the 12th that it will be the first in the property and casualty insurance industry to issue ESG (Environmental, Social, and Governance) bonds.
The issuance scale is 100 billion KRW and consists of subordinated bonds. The ESG bonds are 10-year maturity unsecured bonds, and the detailed terms will be determined based on the results of the demand forecast, with issuance scheduled for the 19th. Through this bond issuance, NongHyup P&C Insurance is expected to increase its Risk-Based Capital (RBC) ratio by approximately 18%, raising it to around 190%.
NongHyup P&C Insurance plans to lead ESG management by investing the raised funds in environmentally friendly business sectors such as renewable energy, job creation, and socially eligible projects like social infrastructure development.
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Choi Chang-soo, CEO of NongHyup P&C Insurance, stated, "By issuing ESG-certified bonds, we have secured capital soundness in preparation for the new insurance accounting standards and will further strengthen ESG management. We will also strive to enhance the image of green finance in line with NongHyup Financial Group’s ESG management."
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