Fitch affirms Kyobo Life

Fitch Ratings has affirmed Kyobo Life Insurance Co., Ltd.'s long-term issuer default rating at A.

The outlook is stable.

The agency also affirmed the rating of Kyobo Life's $500 million subordinated securities due 2047, which may be extended, at A-.

“The affirmation reflects Kyobo Life's good financial fundamentals, with strongly entrenched market positioning, strong capital level commensurate with its business profile and sustained profitability,” Fitch said in a news release.

“However, the insurer faces the challenge of developing new growth drivers due to South Korea's mature and highly competitive life insurance market.”

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