Financial Services Commission Approves Final License for Woori Investment & Securities and Subsidiary Inclusion of Samsung Fire & Marine Insurance

On the 19th, the Financial Services Commission approved Woori Investment & Securities' change of license for investment trading business and Samsung Life Insurance's incorporation of Samsung Fire & Marine Insurance as a subsidiary at the 5th regular meeting.

Woori Investment & Securities logo. Provided by Woori Investment & Securities

Woori Investment & Securities became a wholly owned subsidiary of Woori Financial Group last July through the merger of Korea POS Securities and Woori Comprehensive Financial. At that time, it received additional registration for investment brokerage business and approval for short-term financial business, but the investment trading business was only granted a preliminary change approval.

Samsung Life Insurance's incorporation of Samsung Fire & Marine Insurance as a subsidiary was also approved. Accordingly, Samsung Life Insurance will be able to hold more than 15% of Samsung Fire & Marine Insurance's shares. As Samsung Fire & Marine Insurance pursues share repurchase and cancellation to enhance corporate value, Samsung Life Insurance's shareholding ratio is expected to rise from 14.98% to 16.93%. Under current law, insurance companies cannot hold more than 15% of another company's shares, so Samsung Life Insurance had to either sell part of its shares or incorporate Samsung Fire & Marine Insurance as a subsidiary.