The Financial Services Commission (FSC) has officially approved the integration of Samsung Fire & Marine Insurance as a subsidiary of Samsung Life Insurance, according to a report by Business Korea.
Despite this integration, Samsung Fire & Marine will continue to operate with an independent board of directors. The FSC granted approval during its regular meeting on March 19, allowing Samsung Life to increase its stake in Samsung Fire & Marine beyond 15%.
Currently holding a 14.98% stake, Samsung Life’s shareholding will rise to 16.93% as Samsung Fire & Marine reduces its treasury share ratio from 15.93% to below 5% by 2028.
This move is part of Samsung Fire & Marine’s value enhancement plan, announced on January 31, which includes retiring treasury shares to enhance shareholder value.
According to the Insurance Business Act, insurance companies holding more than 15% of another insurer’s shares are required to integrate that company as a subsidiary, pending FSC approval.
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