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Mirae Asset Life shareholders approve merger with PCA Life Insurance

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Mirae Asset Life shareholders approve merger with PCA Life Insurance

Seoul-based Mirae Asset Life Insurance Co. Ltd.'s shareholders approved the company's planned merger with PCA Life Insurance Co. Ltd.

The move follows Mirae Asset Life's acquisition of PCA Life Insurance, which was completed in July, a representative at the insurer told S&P Global Market Intelligence on Aug. 8.

The shareholders approved the merger Aug. 4.

Mirae Asset Life said July 20 that it will merge with PCA Life Insurance on Feb. 28, 2018, with the former being the surviving entity. Under the merger plan, one PCA Life Insurance share will be converted into 1.3607710 Mirae Asset Life shares.