Moody’s: Kyobo Life securities A3 (hyb)

Moody's Investors Service said it affirmed the A1 insurance financial strength rating (IFSR) of Kyobo Life Insurance Co., Ltd.

The outlook is stable.

In addition, the agency assigned an A3 (hyb) rating to the proposed issuance of subordinated capital securities.

Moody’s said the A1 insurance financial strength rating reflects Kyobo Life's strong business profile, solid capitalization with low financial leverage and good level of profitability in 2016, excluding a one-off expense.

The proposed subordinated capital securities issuance will strengthen the company’s regulatory solvency position and create a buffer against potentially higher capital requirements stemming from the adoption of International Financial Reporting Standard (IFRS 17) and proposed new insurance capital regime in Korea, the agency added.

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