South Korea’s Hanwha Life Insurance Co. was honored as the best bond issuer in Asia by Hong Kong-based financial magazine The Asset for its successful offering of $1 billion worth perpetual bonds last year.

The Korean life insurer said Thursday it won the best insurance capital bond deal award in Asia at The Asset’s Triple A Regional Awards 2018 held a day earlier in Hong Kong. The magazine praised the Korean life insurer’s $1 billion worth perpetual bond sale in April last year, which was the largest ever among all U.S. dollar-denominated hybrid bond issuance among Korean insurers. The spread, 200 basis points over the five-year U.S. treasury yield of 2.70 percent, was also the narrowest among the non-call five-year subordinated capital securities issued in Korea, added the Asset.

The Asset awards are Asia`s preeminent recognition for those who have excelled in their respective industries since 2007. Noting the success of companies in their transactions, The Asset every year honors their achievements and contribution to markets of the past year.

Meanwhile, Hanwha Life Insurance on the same day posted an operating profit of 295.3 billion won ($262 million) last year, down 50.2 percent from the previous year. Net profit fell 31.6 percent to 35.9 billion won during the period, and sales down 10.7 percent to 15.25 trillion won.

By Kim Gang-rae and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]