New Owner of PCA Life
Mirae Asset Life announced on May 4 that it obtained the approval of the acquisition of PCA Life as the change of Mirae Asset Life’s largest shareholder and the review of PCA’s entry into Mirae Asset Life were passed at a regular meeting of the Financial Services Commission held on May 2.
Earlier, Mirae Asset Life Insurance signed a share purchase agreement (SPA) to buy 100% equities in PCA Life at 170 billion won (US$150 million) in November last year.
The acquisition will raise Mirae Asset Life's assets to No. 5 in the Korean life industry. As of the end of February, Mirae Asset Life's total assets amounted to about 28 trillion won (US$25 billion). When taking over PCA Life, Mirae Asset Life will increase its assets to 33.41 trillion won (US$30 billion). The number of its insurance planners will balloon to 5,600, taking fifth place in the Korean life insurance industry.
Its variable life insurance assets will total 9.93 trillion won ((US$8.9 billion) after the merger, placing Mirae Asset Life 4th, surpassing MetLife Korea. The number of its funds will jump to 163, the highest in the Korean life insurance industry.
Through this merger, Mirae Asset Life will improve its business structure by strengthening the retirement planning area like pension, and expanding sales channels.