KB Life to Repay 70 Billion Won Subordinated Bonds Without Refinancing
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KB Life will repay 70 billion won worth of subordinated bonds that are due for early redemption on the 24th without issuing refinancing bonds. This decision comes in response to the increased costs of raising capital securities due to high interest rates. KB Life plans to exercise the call option on the subordinated bonds issued in 2021 with an interest rate of 3.61%. By repaying the principal without refinancing, the company will need to use its available funds, and after this repayment, the remaining capital securities will be reduced to approximately 50 billion won worth of new capital securities maturing on June 29 next year. Insurance companies have utilized subordinated bonds and new capital securities as means of capital expansion; however, during periods of rising interest rates, they must offer high rates for new issuances, which can increase interest burdens. The interest rate that KB Life will need to offer for this refinancing is expected to exceed 5%. The issuance of capital securities in the insurance industry is on a declining trend, with the issuance volume in the first half of this year only reaching one-fifth of the same period last year. KB Life's solvency ratio (K-ICS) at the end of the second quarter remains high at 244.9%, but its net profit for the first half of this year was 150.6 billion won, a decrease of 20.4% compared to the same period last year.
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