Thursday, November 23, 2017

Korea approves Mirae’s acquisition of PCA Life

The Korean government has stamped its seal of approval for the acquisition of PCA Life Insurance  by Mirae Asset Life Insurance, making it the country’s fifth-largest life insurer based on asset size.

The Financial Services Commission has approved Mirae’s acquisition of PCA Life Insurance, a subsidiary of UK-based Prudential, Mirae said in a statement.

It was in November when Mirae Asset Life Insurance agreed to buy the entire 23.395 million shares in PCA Life Insurance for W170 billion (US$150 million).

Following the acquisition, Mirae will become South Korea’s fifth largest life insurer, overtaking ING Life Insurance Korea, with assets of W33.4 trillion.

The company hopes to complete the merger process within the first half of 2018.

It also seeks to become a leading retirement planner in Korea by leveraging the strengths of the two life insurance companies.

 

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