(3nd LD) Samsung Life sets IPO price at 110,000 won

Samsung Life Insurance Co., South Korea's biggest life insurer, said Friday it will raise 4.89 trillion won (US$4.4 billion) by offering its shares for 110,000 won apiece before its debut on the Korea Exchange (KRX) next month.

In a regulatory filing, the life insurer announced its shares were priced in the top range of the 90,000-115,000 won band Samsung Life had targeted for its initial public offering (IPO).

The price was higher than the 100,000 won expected, as the firm's top status in the life insurance market helped draw more investor attention.

Subscriptions will be accepted from May 3-4 before the insurer is listed on the main board May 12.

The IPO of 4.89 trillion won by the nation's biggest life insurer will be the biggest stock offering in the history of the South Korean stock issuance market.

Samsung Life controls a nearly 27.9 percent share of the market for life insurance, followed by 14.3 percent held by Korea Life Insurance Co. Kyobo Life Insurance Co. has a 13.4 percent share.

The top life insurer posted 618.8 billion won in net profit for the first half of fiscal 2009.

Measured at the IPO price, Samsung Life will become the sixth-largest firm on the main bourse in terms of market capitalization, with 22 trillion won.

The offering by the No. 1 life insurer comes on the heels of Korea Life Insurance's 1.78 trillion won IPO in March and a 340 million won deal by Tong Yang Life Insurance Co. in September.

Korea Investment & Securities Co. and Goldman Sachs are lead managers for the IPO for Samsung Life, with Shinhan Investment, Merril Lynch and Morgan Stanley helping arrange the deal.