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Mirae Asset Life relaunches ops following completion of PCA Life Insurance buy

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Mirae Asset Life relaunches ops following completion of PCA Life Insurance buy

South Korea-based Mirae Asset Life Insurance Co. Ltd. relaunched operations following its acquisition of PCA Life Insurance Co. Ltd., Yonhap News Agency reported March 5.

Mirae Asset Life is the surviving entity of the merger, following the completion of its purchase of 100% of PCA Life for 170 billion South Korean won. It signed a stock purchase agreement to acquire PCA Life from Prudential Plc in November 2016.

The merger increases the company's total assets to 35 trillion won from 29 trillion won, based on end-2017 numbers, making it the fourth-largest life insurer in the country.

There is no change in top management, with Kim Jae-sik and Ha Man-deog remaining co-CEOs.

As of March 2, US$1 was equivalent to 1,083.40 South Korean won.