Tong Yang Life Insurance Co., Ltd. (KOSE:A082640) announced a private placement of 53,786,195 common shares at a price of KRW 11,613.460604 per share for gross proceeds of KRW 624,643,856,671.5618 on November 8, 2016. The transaction will involve participation from new investor, Anbang Group Holdings Co. Ltd.. The shares will be issued at premium and also will be issued through a third party allotment method. The transaction has been approved by the board of the directors of the company. The shares will be subject to lock-up for one year at Korea Securities Depository.