Shin & Kim assisted the issuer of Heungkuk Life Insurance’s hybrid securities worth USD 500,000,000 by overseas public offering. This transaction is the second overseas public offering of hybrid securities by a Korean life insurance company. It is meaningful in that it is the first public offering of hybrid securities abroad by a small-and mid-sized life insurance company, unlike Kyobo Life Insurance that completed its overseas public offering for the first time. Experts agree that the successful completion of the overseas issuance of hybrid securities of Heungkuk Life Insurance presented small-and mid-sized life insurance companies with a new way of capital expansion. This transaction is expected to lead to a dramatic increase in small-and mid-sized life insurers’ demand for overseas issuance of hybrid securities. The transaction was fraught with legal issues relating to the interpretation of requirements for recognition of hybrid securities, the Insurance Business Act, Financial Investment Services and Capital Markets Act and Act on Corporate Governance of Financial Companies. With practical advice Shin & Kim attorneys helped the client navigate legal hurdles and brought successful results.