Mirae Asset Life jumps into bid for PCA Life

[THE INVESTOR] Mirae Asset Life has formally jumped into the race to acquire UK-based PCA Life.

Mirae Asset Life submitted a bid on Sept. 8, according to the life insurer the following day.

PCA Life was established when Prudential Group acquired then YoungPoong Life in 1999. 

The preferred bidder is expected to be finalized in October or November this year. PCA is expected to fetch around 300 billion won (US$ 272.57 million).

Should Mirae Asset Life be selected as the final bidder, the combined assets of Mirae and PCA will reach 32.8 trillion won, making it the fifth-largest life insurer in Korea. Currently, the fifth largest is ING Life.

As of June, Mirae Asset Life’s assets reached 27.6 trillion won, while that of PCA Life stood at 5.2 trillion won.

By Kim Ji-hyun (jemmie@heraldcorp.com)