Kyobo Life, Samsung Life Are Approved to Offer Trust Services

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.

To contact the reporter on this story: Sangim Han in Seoul at sihan@bloomberg.net

To contact the editor responsible for this story: Peter Langan at plangan@bloomberg.net