Kyobo Life Insurance headquarters in Seoul. (Kyobo Life Insurance)

Kyobo Life Insurance Co. on Thursday said the country's bourse operator will begin a preliminary assessment of its initial public offering (IPO).

The Korea Exchange (KRX) has said it will launch a panel to review the IPO bid of South Korea's No. 2 life insurer eight months after its filing.

Kyobo Life has been pushing to go public since 2018, but opposition from its shareholders has halted the process for years.

Kyobo Life Chairman and the largest stakeholder Shin Chang-jae, as well as those with special interests in the company, hold a combined 36.9 percent stake.

If the IPO is successful, Kyobo Life will begin preparing for the introduction of a new accounting rule for insurance products in 2023. (Yonhap)