The Financial Services Commission of Korea held a regular meeting on the same day and approved the proposal for Samsung Life to incorporate Samsung Fire into its subsidiary.
The company had applied to the Financial Services Commission to incorporate Samsung Fire & Marine Insurance into its subsidiary. In January of this year, Samsung Fire & Marine Insurance announced a plan to increase shareholder returns and indicated its intention to cancel its own shares.
If the plan is adopted, Samsung Life Insurance's stake in Samsung Fire & Marine Insurance, which currently holds 14.98 percent of the company's stock, will increase to 15.9 percent. In addition, Samsung Life Insurance's stake in Samsung Fire & Marine Insurance will be increased to 50 percent.
Samsung Life's stake is expected to reach 17% by 2028. The Insurance Business Act prohibits insurance companies from holding more than 15% of the shares of other companies that are not subsidiaries, so Samsung Life's
The company needed to incorporate Samsung Fire & Marine Insurance into its subsidiary, which would allow it to apply an exception to the Insurance Business Act and hold more than 15% of the company's shares.
Samsung Fire & Marine Insurance has become a subsidiary of Samsung Life Insurance, but there are no plans to change its governance structure or management.
During the earnings conference call on the 12th of last month, CFO Yutaka Hasegawa emphasized that "even though we are incorporated as a subsidiary of Samsung Life, there will be no particular changes in terms of business operations or governance."
Financial Supervisory Service Chairman Lee Bok-hyun also commented on the 27th of last month that "there will be no real impact on the governance structure," and that "there will be no impact on the governance structure in the real sense."
) and this is to resolve the problem of the mechanically increased shareholding ratio under current laws and regulations."
2025/03/20 05:53 KST
Copyrights(C) Herald wowkorea.jp 104