Taiwan-based Fubon Life has invested 220 billion won ($189.2 million) for a 48 percent stake in Hyundai Life Insurance, becoming the Korean insurer’s second-largest stakeholder after Hyundai Motor Group, the company announced Thursday

Hyundai expects mutual benefits from the alliance, particularly in asset management, product development and risk management, as Fubon has deployed four of its managers to its headquarters.

Twenty managers, including top executives shared their business strategies and core competencies, according to the officials.

Fubon, which survived a low-interest rate environment in Taiwan for a decade, has been eying the overseas markets and has experience in foreign asset management and risk management.

The Taiwanese insurer sent its manager Paul Lin to Korea as the Hyundai Life Insurance CIO in order to increase Hyundai’s foreign investment, which stands at 2 percent of its total investment, closer to the average rate of foreign investment in Korean life insurers at 7.6 percent.

Hyundai Life Insurance CEO Lee Joo-hyuk said that the alliance signified the meeting of perfect partners for long-term growth, adding that they would maximize synergy in business and financial stability.

By Sang Youn-joo (sangyj@heraldcorp.com)