April 26, 2024

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[THE INVESTOR] Mirae Asset Life Insurance announced on Nov. 10 that it has signed a stock purchase agreement with PCA Life Insurance, acquiring the entire 23,395,700 shares at 170 billion won (US$145.94 million).

Much lower than the industry’s estimate of 300 billion won, this amounts to 9.15 percent of its equity capital as of 2015.

 

Mirae Asset headquarters

The insurance arm under the umbrella of financial group Mirae Asset beat the competition from contenders in mainland China and Hong Kong in the final bid in September.

UK’s Prudential Group took over the entire stake of YoungPoong Life from Korea Zinc Co. for 37 billion won in 2001 and changed the name to PCA Life Insurance, whose total assets are estimated to be 5.3 trillion won as of August.

Upon approval from the financial authorities for the change of largest stakeholder, Mirae Asset will be the fifth-largest insurance company with a combined assets of 33.2 trillion won.

Mirae Asset Life Insurance is seeking to create synergy, especially in the variable insurance area, where PCA specializes with 3.8 trillion won assets.

By Hwang You-mee (glamazon@heraldcorp.com)