Mirae Asset Daewoo Surpasses 10 Trillion Won in Retirement Pension Reserves

Since the Introduction of Domestic Retirement Pensions in 2005, Strengthening Leading Operator Position through Company-wide Efforts
Ranked 1st in 1-Year Retirement Pension Returns Among Top 10 Companies by Reserves in Q3 2019
Total Pension Assets Reach 14 Trillion Won

[Asia Economy Reporter Song Hwajeong] Mirae Asset Daewoo announced on the 6th that its retirement pension reserves surpassed 10 trillion won as of the end of last year.

Mirae Asset Daewoo's retirement pension reserves increased by 1.7951 trillion won over the past year, reaching 10.4561 trillion won. By scheme, the reserve amounts were 5.36 trillion won for Defined Benefit (DB) retirement pensions, 3.5254 trillion won for Defined Contribution (DC) retirement pensions, and 1.5708 trillion won for Individual Retirement Pensions (IRP), representing increases of 771.8 billion won for DB, 563 billion won for DC, and 460.3 billion won for IRP compared to the end of 2018. The proportion by scheme was DB 51%, DC 34%, and IRP 15%, with the combined share of the individual pensions DC+IRP making up half, indicating a well-balanced retirement pension reserve portfolio.

The driving force behind Mirae Asset Daewoo’s breakthrough of 10 trillion won in retirement pension reserves is its excellent retirement pension returns. As of the third quarter of 2019, the publicly disclosed one-year returns for retirement pensions ranked first across all schemes?DB, DC, and IRP?among the top 10 companies by reserve size. Additionally, as of the end of 2018, the 10-year long-term returns ranked first among all DB operators, with DC and IRP also showing top-tier returns.

These outstanding returns are supported by Mirae Asset Daewoo’s efforts to improve retirement pension yields. The company was the first in the industry to offer retirement pension wrap accounts and trading services for Exchange-Traded Funds (ETF) and Exchange-Traded Notes (ETN). Recently, it opened its system to allow trading of listed REITs in DC and IRP accounts, leading the way in managing stable returns for pension customers. Currently, Mirae Asset Daewoo is the only financial institution where trading of listed REITs is possible within retirement pensions.

Kim Ki-young, Head of the Pension Solutions Division at Mirae Asset Daewoo, stated, “Competition among operators to attract assets is intensifying in the retirement pension market, which grows by more than 20 trillion won annually. Mirae Asset Daewoo’s significant increase in pension assets last year appears to be the result of focusing not on simple asset growth sales but on enhancing customer returns and improving transaction convenience.”

Mirae Asset Daewoo’s individual pensions recorded 3.4985 trillion won, an increase of 402.5 billion won compared to last year, bringing the total pension assets combining retirement and individual pensions close to 14 trillion won. The company plans to expand this to 20 trillion won by the end of 2021 through reorganizing its pension sales organization and strengthening its workforce.

For detailed inquiries regarding pension schemes and transfers, customers can receive guidance through Mirae Asset Daewoo’s branches or the Pension Asset Management Center.

This content was produced with the assistance of AI translation services.