Samsung Life to raise stakes in Samsung Fire, Samsung Securities

[THE INVESTOR] Samsung Life Insurance plans to acquire additional stakes in Samsung Fire and Marine Insurance and Samsung Securities Aug. 18.
 
The move is thought to be part of Samsung Group’s plans to establish Samsung Life as the holding company for its financial companies. The plans are to be put to the three companies’ boards of directors later in the day. 

Samsung Life plans to acquire 9 percent of Samsung Fire and Marine Insurance shares held by the company. The deal would raise Samsung Life’s stakes in Samsung Fire and Marine to about 24 percent.

In addition, Samsung Life will acquire 9 percent of Samsung Securities held by Samsung Fire and Marine. The deal would push up Samsung Life’s stakes in Samsung Securities to about 20 percent.

Under local regulations, a financial holdings firm must be the largest shareholder with more than 30 percent of listed financial subsidiaries. For unlisted affiliates, the minimum stake is 50 percent.

Earlier this year, Samsung Life purchased all Samsung Card stakes held by Samsung Electronics, boosting its share of the credit card company to 71.86 percent.

Samsung Life also holds 98 percent of Samsung Asset Management.

Choi He-suk (cheesuk@heraldcorp.com)