MG Insurance, Major Shareholder Change 'Approved'... Completion of 200 Billion KRW Capital Increase

Financial Services Commission Approves MG Insurance Major Shareholder Change Application on the 1st
MG Insurance to Complete Capital Increase Within 15 Days

[Asia Economy Reporter Ki Ha-young] MG Insurance announced on the 1st that it will complete capital increase within 15 days following the Financial Services Commission's approval of the change in major shareholder.

The Financial Services Commission held a regular meeting on the same day and approved the change in major shareholder of MG Insurance. Accordingly, MG Insurance's GP management company will change from the existing Jabez Partners to JC Partners.

MG Insurance plans to complete the scheduled capital increase within 15 days from the date of approval of the major shareholder change. This is a conditional approval requirement of the management improvement plan following the management improvement order issued in June last year. MG Insurance intends to quickly carry out a total capital increase of 200 billion KRW, including equity investments of 30 billion KRW from Saemaeul Geumgo, 20 billion KRW from Woori Bank, 20 billion KRW from Equion Capital, 20 billion KRW from Rich & Co, 10 billion KRW from Aju Capital, and refinancing of 100 billion KRW.

After the capital increase is completed, MG Insurance's RBC ratio is expected to rise close to 200%. A representative of MG Insurance said, "With the GP change completed for smooth capital increase, we will now do our best to complete the capital increase within the deadline, break away from the corrective action, and start a new leap forward."

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