Kyobo Life Insurance Co. and Samsung Life Insurance Co. (032830), two of South Korea's top three insurers, were approved to offer trust services, moving into a financial segment dominated by banks.
The two life insurers obtained licenses to manage assets and provide returns for clients, the Financial Supervisory Service said in a statement today.
Kyobo and Samsung follow Mirae Asset Life Insurance Co. into the trust industry, after the government allowed insurers and securities companies into the market in 2005.
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