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SEOUL, Feb 13 (Reuters) - South Korea's ING Life Insurance Korea Ltd, controlled by Asia-based private equity firm MBK Partners, applied for exchange approval for an initial public offering (IPO), a Korea Exchange official said on Monday.
ING Life Insurance, South Korea's fifth-largest insurer based on assets, which MBK acquired from the Netherlands' ING Groep NV in late 2013, said in a statement last December it has chosen Morgan Stanley and Samsung Securities as lead advisers for an IPO.
ING Life had 31.8 trillion won ($27.95 billion) in assets as of end-September 2016, and reported net profits of 304.8 billion won in 2015, up from 223.5 billion won in 2014, according to the company. Seoul-based analysts have estimated an IPO size of about 1.5 trillion won. ($1 = 1,137.8000 won) (Reporting by Joyce Lee; Editing by Bill Rigby)