Korean Insurers Rush To Tap Local Equity Market

The life insurance sector looks set to become a busy player in the Asian IPO market in 2010. With a string of big name insurers filling up the pipeline, investors will soon find themselves spoilt for choice. While the regional highlight is set to be the Hong Kong listing of American International Group 's (AIG) Asian unit, American International Assurance Company (AIA), in terms of individual markets, South Korea is set to be a leading hub of activity. Although small-market player Tong Yang Life was first to test the waters with its US$286mn IPO in September of last year, Korea Life Insurance - the country's second largest insurer - is set to be the first industry major to tap the market as it attempts to raise KRW2.31trn (US$2bn). Korea Life is expected to be closely followed onto the Seoul bourse by the nation's fourth largest insurer, Mirae Life Insurance , and then by market leader Samsung Life Insurance in Q210.

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