FSC approves inheritance of Samsung Life Insurance shares

Samsung headquarters in Gangnam, Seoul. [YONHAP]

The transfer of Samsung Life Insurance shares from the estate of late Samsung Group Chairman Lee Kun-hee’s was approved by the Financial Services Commission, it was announced Tuesday.

His three children are the beneficiaries, and their ownership required a review by the regulator.

The late chairman owned 20.76 percent of the life insurer, which in turn owns 8.51 percent of Samsung Electronics.

His family submitted a request to the regulator to review their eligibility for the shares on April 26. Under the Act on the Governance of Financial Companies, this approval is required whenever major holdings in a financial company are received in the course of estate settlement.

Lee Jae-yong, the eldest son, inherited 10.38 percent of Samsung Life Insurance, half of his father’s stake. He already owned 0.06 percent, taking his total to 10.44 percent.

Lee Boo-jin, the eldest daughter, inherited 6.92 percent of the insurer, and Lee Seo-hyun, the youngest daughter, received 3.46 percent of the company’s shares.

Lee Kun-hee passed away on Oct. 25 last year at the age of 78.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]