SEOUL, March 10 (Reuters) - South Korea's ING Life Insurance Korea Ltd, controlled by Asia-based private equity firm MBK Partners, received stock exchange approval for an initial public offering (IPO), the Korea Exchange said in a statement on Monday.
ING Life applied for IPO approval last month.
The company, with 31.8 trillion won ($27.50 billion) in assets as of end-September 2016, is South Korea's fifth-largest insurer based on assets.
Seoul-based analysts have forecast an IPO size of about 1.5 trillion won after estimating ING Life's valuation at about 3 trillion won.
ING Life has not disclosed any financial details of the IPO. It previously said it has chosen Morgan Stanley and Samsung Securities as lead advisers for an IPO.
MBK Partners acquired ING Life from the Netherlands' ING Groep NV in 2013. ($1 = 1,156.4700 won) (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)