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Biz News Korea(Eng)

Mirae Asset aims to complete integration with PCA Life next summer

Collected: 2016.12.10

Distributed: 2016.12.12

Source: Go Direct

South Korea’s Mirae Asset Life Insurance Co. will soon file for eligibility review for regulatory approval for its acquisition of PCA Life Insurance Co, with a goal to complete its post-merger integration by next summer, according to sources on Friday.

Mirae Asset signed a stock purchase agreement to buy the local subsidiary of U.K.-based Prudential Plc. at 170 billion won ($146 million) on Nov. 10.

Some say Mirae Asset may leave PCA Life as an independent entity after acquisition as China’s Anbang Life Insurance Inc. did after it acquired Allianz Life Insurance Korea and Tongyang Life Insurance Co. A life insurance market expert says, however, Mirae Asset is more likely to merge with PCA Life because the latter’s asset size is small and the combination can create synergy in selling variable universal life (VUL) insurance policies.

The total asset value of Mirae Asset and PCA Life commands 28.12 trillion won (sixth largest in rank) and 5.35 trillion won (19th) as of end-September. The combination would push their rank to fifth in the local life insurance market behind NH Life Insurance Co. whose assets are tallied at 60.52 trillion won, and fourth in the VUL market.

By Park Joon-hyung

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