Mirae Asset Financial Group, a leading asset manager in South Korea, said Thursday it has acquired a full stake in PCA Life Insurance Co., a subsidiary of Britain-based Prudential Group, to bolster its presence in the country's competitive insurance market.
Mirae Asset Life Insurance purchased all PCA shares for 170 billion won (146.8 million US dollars).
Mirae Asset Life is the country's sixth-largest insurer with assets estimated at 26.79 trillion won while PCA's assets stand at 5.2 trillion won. The acquisition would help Mirae Asset Life become the fifth largest insurer.
PCA's net profit rose to 21.6 billion won last year from 17.4 billion won a year ago, but its market influence has been dwindling due to tough competition. By 2020, life insurance companies in South Korea are required to adopt new accounting rules that would lead to a sharp rise in their liabilities.
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