FSC approves Samsung Fire & Marine integration under Samsung Life: Report

Insurers holding more than 15% shares must integrate the company as a subsidiary.

The Financial Services Commission (FSC) has approved the integration of Samsung Fire & Marine Insurance as a subsidiary of Samsung Life Insurance, as reported by Business Korea. 

Despite the integration, Samsung Fire & Marine will continue to operate with an independent board of directors.

The FSC approved the proposal during a regular meeting on 19 March, allowing Samsung Life to hold more than 15% of Samsung Fire & Marine's shares. 

Samsung Life, which already holds a 14.98% stake, will see its shareholding increase to 16.93% as Samsung Fire & Marine reduces its treasury share ratio from 15.93% to below 5% by 2028. 

This move follows Samsung Fire & Marine’s value enhancement plan announced on 31 January, where it pledged to retire treasury shares to boost shareholder value.

Under the Insurance Business Act, insurance companies holding more than 15% of another insurer’s shares must integrate the company as a subsidiary with FSC approval.