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Mirae Asset Life, PCA Life merger gets final regulatory green light

South Korea's Financial Services Commission gave final approval to Mirae Asset Life Insurance Co. Ltd.'s proposed merger with PCA Life Insurance Co. Ltd., clearing the way for the creation of what could be the country's fifth-largest life insurance company by assets, The Chosun Ilbo reported Dec. 20.

Mirae Asset Life signed a 170-billion-won stock purchase agreement in November 2016 to acquire 100% of PCA Life. The commission had earlier given its approval for the merger.

The merged entity will have 34.7 trillion won in assets based on figures as of the end of September, and will retain the Mirae Asset Life Insurance name.

The merger is expected to be completed by February 2018.

As of Dec. 20, US$1 was equivalent to 1,078.87 South Korean won.