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Mirae Asset Life’s acquisition of PCA Life clears regulatory hurdle

Collected: 2017.12.22

Distributed: 2017.12.26

Source: Go Direct

South Korea’s Mirae Asset Life Insurance announced on Thursday its proposed acquisition of PCA Life Insurance, a subsidiary of U.K.-based Prudential, has cleared a key regulatory hurdle, as the country’s financial authorities okayed the $157 million deal.

Mirae Asset Life signed a stock purchase agreement to buy the 100-percent stake in PCA Life in November of last year, a deal to up its ranking from sixth to fifth in the local market sector, beating ING Life Insurance in total asset.

The company tapped into the market of life insurance in 2005 when it acquired SK Life Insurance. Asset after the combination with PCA Life will total 34.7 trillion won ($32.2 billion). The combined entity will retain the name of Mirae Asset Life.

Mirae Asset Life aims to become the best retirement planner in the domestic insurance market by maximizing a synergy effect of the merger initially in the variable life insurance sector, while preemptively addressing market dynamics ahead of the introduction of the new IFRS17 rule that governs the accounting of insurance products.

PCA Life leads the pack with 351.5 percent in risk-based capital (RBC), a measure of the minimum amount of capital to support its overall business operations in consideration of its size and risk profile.

By Kim Jong-hoon and Minu Kim

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