Mirae Asset Global Investments will make an additional investment of 50 billion won in Mirae Asset Life Insurance. It said the decision aims to strengthen governance and expand synergy.
Mirae Asset Global Investments disclosed that on the 19th it decided to make an additional investment of 50 billion won in common shares of its affiliate, Mirae Asset Life Insurance.
This is an additional investment newly undertaken after the investment disclosed on Mar. 13 this year was fully executed. The investment will proceed sequentially from this month through December via on-exchange purchases.
Mirae Asset Global Investments said the additional investment is a strategic decision made while Mirae Asset Life Insurance's shares are undervalued relative to their intrinsic value.
A Mirae Asset Global Investments official said, "Beyond a simple financial investment, this investment makes clear the intent to actively raise the corporate value of core, high-quality subsidiary Mirae Asset Life Insurance."
Through the additional investment, Mirae Asset Global Investments plans to further solidify control and support the group's long-term growth strategy. It also plans to build a close cooperation framework with Mirae Asset Life Insurance to strengthen competitiveness in comprehensive financial services.
A Mirae Asset Global Investments official added, "This additional investment is a strategic decision that turns the undervaluation phase into an opportunity to strengthen governance and stabilize control," and "we will further reinforce synergy between the two companies and enhance the competitiveness of the entire group."