Lee Jae-yong is biggest individual shareholder in Samsung Life

Samsung Electronics Vice Chair Lee Jae-yong [YONHAP]

Samsung Electronics Vice Chairman Lee Jae-yong became the largest individual shareholder in Samsung Life Insurance, solidifying his control over the entire business group.

On Friday, Samsung affiliates announced major changes in shareholdings as holdings of the late Samsung Chairman Lee Kun-hee were bequeathed to his relatives.

Lee owned 20.76 percent of the insurance affiliate, which is the largest shareholder of Samsung Electronics, with 8.51 percent.

Lee's eldest child, vice chairman Lee, inherited roughly half of his father's shares in Samsung Life and became the largest individual shareholder in the company with 10.44 percent. The rest went to his two sisters, Lee Boo-jin and Lee Seo-hyun.

Samsung C&T is the largest shareholder in Samsung Life Insurance with 19.34 percent, while the insurance company in turn is the largest shareholder in Samsung Electronics.

Lee Kun-hee's shares in the main affiliates -- Samsung Electronics (4.18 percent), Samsung C&T (2.88 percent) and Samsung SDS (0.01 percent) -- were divided by the proportion suggested by Korean inheritance law: three-ninths to wife Hong Ra-hee and two-ninths to each of their three children.

As a result, Hong became the largest individual shareholder in Samsung Electronics with 2.3 percent. Lee Jae-yong became the second largest with 1.63 percent. The two daughters, who had no shares in the company before, now each have 0.93 percent stakes in the electronics company.

Lee Jae-yong's shares in Samsung C&T increased to 17.97 percent from 17.33 percent. He remains the largest shareholder in Samsung C&T, which sits at the top of the conglomerate's corporate structure.

BY SONG KYOUNG-SON [song.kyoungson@joongang.co.kr]