Samsung Life Insurance stated on the 20th that there will be no changes in overall management activities, even if Samsung Fire & Marine Insurance is incorporated as a subsidiary.
Lee Wan-sam, chief financial officer of Samsung Life Insurance, noted during a conference call following the earnings announcement that "there will be no changes in overall management activities such as profit and loss or capital ratio due to the incorporation of Samsung Fire & Marine Insurance as a subsidiary" and added, "Currently, we are not considering acquiring additional equity."
Samsung Life Insurance applied for approval to incorporate Samsung Fire & Marine Insurance as a subsidiary with the Financial Services Commission on the 13th.
This is because the equity held by Samsung Life Insurance, the largest shareholder, will increase from the current 14.98% to 15.9% this year and 17% by 2028, according to the share buyback plan of Samsung Fire & Marine Insurance.
The Insurance Business Act stipulates that an insurance company cannot hold more than 15% of the equity of a company that is not its subsidiary.
Samsung Life Insurance also stated that it will use the profits from the sale of Samsung Electronics stocks as a resource for dividends.
Earlier, Samsung Life Insurance and Samsung Fire & Marine Insurance sold approximately 280 billion won worth of Samsung Electronics shares combined.
The net income of Samsung Life Insurance for the previous year, announced on this day, was approximately 2.1068 trillion won, an increase of about 11.2% compared to the previous year, marking the highest profit in history.