Cleary Gottlieb represented ING Life Insurance Korea, Ltd. and Life Investment Limited, the selling shareholder and an affiliate of MBK Partners, in ING Life Insurance Korea, Ltd.’s ₩1.1 trillion (approximately $1 billion) IPO of common shares.
Morgan Stanley, Samsung Securities, Goldman Sachs, Mirae Asset Daewoo and KB Securities served as joint bookrunners. The shares were sold through a public offering in Korea and a Rule 144A/Reg. S offering elsewhere. The deal priced on April 24, 2017, and closed on May 4, 2017. The shares began trading on the KRX KOSPI Market of the Korea Exchange on May 11, 2017.
ING Life Insurance Korea is one of the premier life insurance companies in Korea in terms of both profitability and financial strength, offering a broad range of life insurance and investment products primarily to retail customers through a variety of distribution channels. It was the most profitable company in Korea based on average assets as well as net income margin in 2016 among the 10 largest Korean life insurance companies based on asset size.