South Korea’s Mirae Asset Life Insurance Co. gained government nod to acquire PCA Life Insurance Co., a subsidiary of U.K.-based Prudential Plc, making it the country’s fifth-largest life insurer based on asset size.
Mirae Asset Life Insurance said Thursday that it received a go-head from the Financial Services Commission on its acquisition of PCA Life Insurance on Tuesday. The Korean life insurer signed a stock purchase agreement to buy entire 23,395,700 shares in PCA Life Insurance at 170 billion won ($150 million) in November last year.
The acquisition will make Mirae Asset Life Insurance the nation’s fifth-largest life insurer, replacing ING Life Insurance Korea, with its assets stretched to 33.4 trillion own. Its assets in variable life insurance segment also grew to 6 trillion won, the fourth largest in the country.
The company hopes to become the best retirement planner by creating a synergy effect through strengths of the two life insurers.
It plans to complete the merger process within the first half of next year.
By Kim Tae-sung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]