Teachers buy $400M stake in Korean insurance firm
TORONTO—The Ontario Teachers’ Pension Plan has added to its portfolio by completing a US$400 million investment in a leading Korean insurance company.
The pension plan now owns a 9.9 percent stake in Kyobo Life Insurance Co. Ltd., the third-largest insurer in South Korea.
This transaction is the Teachers’ first direct investment in Korea.
“Kyobo is a leading insurance brand with a strong customer base and financial performance,” said Teachers senior vice-president Wayne Kozun.
“We believe our investment is a unique opportunity to acquire a sizeable stake in the Korean life insurance industry’s most profitable company, and further expand our direct investments in Asia,” he added.
With $117.1 billion in assets as of Dec. 31, 2011, the Ontario Teachers’ Pension Plan is the largest single-profession pension plan in Canada.
It invests the pension fund’s assets and administers the pensions of 300,000 active and retired teachers in Ontario.