Mirae Asset Life Insurance announced on the 4th that it will cancel 424 billion won ($300 million) worth of treasury shares. The cancellation includes 10 million common shares and 21,126,760 convertible preferred shares.
The company decided on the large-scale share cancellation based on its solid financial structure. Since the early adoption of the new insurance accounting standard (IFRS17), the insurer has maintained solvency through conservative actuarial assumptions and systematic asset-liability management (ALM) principles, securing soundness as measured by the Korea Insurance Capital Standard (K-ICS).
On the same day, Mirae Asset Life Insurance disclosed in its annual corporate governance report that a majority of its board of directors consists of independent outside directors whose independence has been verified.
Trading of Mirae Asset Life Insurance shares will be suspended until 9 a.m. on the 5th due to the disclosure of material information.