Chairman Park Hyun-joo of Mirae Asset Group.

Mirae Asset Daewoo Securities introduced a new service to take care of retirement savings more seriously for cases where those funds had been neglected.

The company will confirm the earnings that owners aspire to achieve, and then draw up ways to attain those earnings by managing the savings accounts sometimes with a special kind of service.

The company will not recommend the financial products with higher earnings just for the sake of those earnings, but the age and estimated monthly payments by the account subscribers will be considered before offering tailor-made services.

The company will continue to be in touch with subscribers in connection with their savings accounts on such matters as earnings, monthly, quarterly and annually, through smartphones or other communication media such as email and online to find out what the subscribers want to do with their savings accounts. 

The company will always keep in touch with those customers to inform them how their savings accounts are doing, knowing that the customers are sometimes too busy to keep up with the accounts.

In the meantime, Mirae Asset Financial Group is about to take over PCA Life Insurance Co., investment banking sources said on Sept. 2. They said the group has been after the Korean subsidiary of PCA Life for some time now, and is about to sign an official contract with the life insurance company to assume a stake in the company imminently.

PCA Life’s Korean subsidiary, set up in 1990, posted a net profit of 21.6 billion won in 2015 on a consolidated basis, an increase in annual profit of 17.4 billion won year-on-year. But PCA Life is likely to pull of out Korea due to continued low interest rates and the introduction of the accounting standards (IFRS 2nd Stage), which will require insurance firms to boost their capital.

By taking over PCA Life in Korea, Mirae Asset Life Insurance’s total assets would reach around 32 trillion won including PCA Life’s assets amounting to 5.205 trillion won, to rank 5th in the life insurance industry in Korea, nudging past ING Life, which has assets of 29.55 trillion won. Mirae Asset Financial Group has been drawing huge interest in the business community since it took over KDB Daewoo Securities, making it the largest securities firm in Korea in terms of assets. Now it is about to boost its position in the life insurance industry by taking over PCA Life.

The company introduced “Mirae Asset Daewoo Smart Pension,” an exclusive app for its retirement fund savings and individual retirement fund accounts holders. Savings account holders can get information directly on their mobile device.

At the same time, the company has been holding special festivals for holders of retirement savings accounts. For customers with retirement savings exceeding 10 million won, and those who transfer their accounts to Mirae Asset Daewoo, a coupon worth 30,000 won issued by Shinsegye Department Store will be presented to them, while holders of the retirement savings accounts with 10 million won in their accounts will also be given a national tourism coupon worth 20,000 won.

A view of the Mirae Asset Daewoo Securities Building.(Photos: Mirae Asset,Newsworld)