SEOUL Feb 13 South Korea's ING Life Insurance
Korea Ltd, controlled by Asia-based private equity firm MBK
Partners, applied for exchange approval for an initial public
offering (IPO), a Korea Exchange official said on Monday.
ING Life Insurance, South Korea's fifth-largest insurer
based on assets, which MBK acquired from the Netherlands' ING
Groep NV in late 2013, said in a statement last
December it has chosen Morgan Stanley and Samsung
Securities as lead advisers for an IPO.
ING Life had 31.8 trillion won ($27.95 billion) in assets as
of end-September 2016, and reported net profits of 304.8 billion
won in 2015, up from 223.5 billion won in 2014, according to the
company. Seoul-based analysts have estimated an IPO size of
about 1.5 trillion won.
($1 = 1,137.8000 won)
(Reporting by Joyce Lee; Editing by Bill Rigby)