UPDATE 1-ING Life Insurance Korea Raises $ 974M after IPO was set near the lower end of the range

* ING Life sets IPO at 33,000 won / share

* The indicative range was 31,500 won to 40,000 won / share

* IPO is South Korea’s second largest IPO so far this year (Adds milestone, background)

SEOUL, April 24 (Reuters) – ING Life Insurance Korea, South Korea’s fifth largest life insurer, on Monday valued its initial public offering (IPO) near the lower end of an indicative range, increasing its Asia-based private equity owner MBK Partners 1.1 Trillion won ($ 974 million).

ING Life’s listing will be the second-largest in South Korea to date this year after smartphone game maker Netmarble Games Corp topped its IPO at 2.3 billion won.

The insurer, which last week said its dividend payout history was a draw for investors, said it can continue to pay high dividends because it has a good equity ratio and relies on higher-margin captive agents rather than independent insurance agents for growth.

The company has valued its IPO at 33,000 won per share, compared to an indicative range of 31,500 won to 40,000 won each, ING Life said in a filing.

The price gives the entire company a pre-listing valuation of 2.71 trillion won.

MBK, which ING Life bought from ING Groep NV for around 1.8 trillion won in 2013, will retain about 59.1 percent of the insurer after listing, an ING Life spokeswoman said. ($ 1 = 1,129,9000 won) (Reporting by Joyce Lee; Editing by Christopher Cushing)

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