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Mirae Asset Life to acquire 50 pct stake in Prevoir Vietnam

All Headlines 16:57 July 04, 2017

SEOUL, July 4 (Yonhap) -- Mirae Asset Life Insurance Co., the insurance unit of South Korea's Mirae Asset Financial Group, said Tuesday it will acquire a 50-percent stake in Prevoir Vietnam Life Insurance from its French parent firm Groupe Prevoir.

Mirae Asset Life said it has signed a deal to acquire US$48 million worth of new shares to be issued by the Hanoi-based life insurer.

Prevoir Vietnam Life Insurance, set up in 2005, is the 10th-largest life insurer in Vietnam with 1 percent market share.

In May, Mirae Asset Life Insurance said it will complete its integration with PCA Life Insurance Co., the local unit of Britain's largest insurer Prudential Plc., by the first quarter of next year.

Mirae Asset Life Insurance acquired PCA Life Insurance in an arrangement worth 170 billion won (US$150 million).

Mirae Asset Life to acquire 50 pct stake in Prevoir Vietnam - 1

entropy@yna.co.kr
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