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Jim Leech is the President and CEO of the Ontario Teachers' Pension Plan. (Tim Fraser For The Globe and Mail)
Jim Leech is the President and CEO of the Ontario Teachers' Pension Plan. (Tim Fraser For The Globe and Mail)

Ontario Teachers complete $400-million deal for stake in Kyobo Life Add to ...

The Ontario Teachers’ Pension Plan has added to its portfolio by completing a $400-million (U.S.) investment in a leading Korean insurance company.

The pension plan now owns a 9.9 per cent stake in Kyobo Life Insurance Co. Ltd., the third-largest insurer in South Korea.

With its headquarters in Seoul, Kyobo is a privately-held company that offers a broad range of life insurance products to 4.5-million retail customers.

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This transaction is the Teachers’ first direct investment in South 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.”

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.

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