Mirae Asset Life Insurance: "We Will Complete a Korean-Style Berkshire Hathaway Model"

Mirae Asset Life Insurance announced on the 23rd that it will accelerate the establishment of a "Korean-style Berkshire Hathaway" model that integrates insurance and investment.

Mirae Asset Life Insurance achieved its largest-ever performance last year, posting consolidated profit before tax of 198.7 billion won and successfully proving its profitability. In particular, it simultaneously secured financial soundness by maintaining a 177.9% Korea Insurance Capital Standard (K-ICS) ratio.

The growth of its sales division is also steep. Monthly initial premiums for health insurance surged 97% year-on-year, expanding its influence in the protection-type insurance market, and in the variable insurance segment, it maintained the number one position in the industry in both first-year premiums and cumulative written premiums.

These results are interpreted as being supported by conservative actuarial assumptions that have adhered to principles since the early introduction of IFRS 17, as well as a systematic asset-liability management (ALM) management philosophy. Its solid capital soundness is becoming a powerful driving force that enables Mirae Asset Life Insurance to take on the new challenge of innovation in asset management.

Jaesik Kim, Vice Chairman and CEO of Mirae Asset Life Insurance, stated, "Through ALM matching, we will solidify a stable financial foundation, while on the principal investment (PI) side, we will actively leverage Mirae Asset Group's global infrastructure to strengthen long-term investments in innovative companies in future technology sectors."

Vice Chairman Kim added, "Through this, we will complete Mirae Asset Life Insurance's own 'Korean-style Berkshire Hathaway' model and introduce a differentiated business model in which insurance and investment create synergy."