Meritz Financial Group

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Meritz Financial Group Inc.
Native name
주식회사 메리츠금융지주
Company typePublic
KRX: 138040
IndustryFinancial services
PredecessorFinancial arm of Hanjin
FoundedMarch 2011; 13 years ago (2011-03)
Headquarters
Seoul
,
South Korea
Key people
Cho Jung-ho (Chairman)
Websitewww.meritzgroup.com

Meritz Financial Group Inc. (Korean: 주식회사 메리츠금융지주) is a financial holding company headquartered in Seoul, South Korea. Meritz Financial, with its major subsidiaries including Meritz Fire & Marine Insurance and Meritz Securities, is one of the major financial groups in South Korea.[1]

History

Meritz Financial Group was formed when Hanjin Group founder Cho Choong-hoon died in 2002. After the founder's death, the group was succeeded by his four sons. Cho Jung-ho, the founder's fourth son, inherited Hanjin's financial arm, including Oriental Fire & Marine Insurance, Meritz Securities, and Korean-French Banking.[2][3] In 2005, Cho formally broke off the financial affiliates from Hanjin and renamed them Meritz Financial Group.[4] In 2011, Meritz Fire & Marine Insurance launched a financial holding company. It was founded by spinning off a holding company, Meritz Financial Group Inc., from Meritz Fire & Marine Insurance.[5]

Subsidiaries

Meritz Financial Group has five major subsidiaries, including Meritz Fire & Marine Insurance, Meritz Securities, Meritz Asset Management, Meritz Alternative Investment Management, and Meritz Capital.[6]

Meritz Fire & Marine Insurance

Meritz Fire & Marine was established as Chosun Fire & Marine Insurance in 1922 when Korea was under Japanese occupation, with the title of Korea's first general insurer. After Japan's colonial rule, the company became state-owned and was renamed Oriental Fire & Marine in 1950. It was the first insurance company in Korea to be listed on the stock market in 1956. Oriental became a subsidiary of the Hanjin Group in 1967 and broke off from the group in 2005. After the separation, it was renamed Meritz Fire & Marine Insurance.[7][8]

See also

References

  1. ^ "Assets of 8 key financial groups nearly double over decade". Yonhap. Seoul. July 27, 2022.
  2. ^ Kirk, Don (November 19, 2022). "Cho Choong Hoon, 82, Builder Of a Korean Business Empire". The New York Times.
  3. ^ Joo, Jung-wan (May 14, 2003). "Hanjin nears heirs' breakup". Korea JoongAng Daily.
  4. ^ Park, Anna J. (October 6, 2022). "Meritz flourishes on Chairman Cho's meritocracy-based management". The Korea Times.
  5. ^ "Meritz Fire launches holding firm". Yonhap News Agency. Seoul. March 28, 2011.
  6. ^ "Meritz Securities Sustainability Report 2021" (PDF). Meritz Securities.
  7. ^ Park, Anna J. (October 6, 2022). "Meritz Fire marks 100th anniversary in October". The Korea Times.
  8. ^ "Korea's Oldest Non-life Insurer Marks 87th Anniversary". The Dong-a Ilbo. June 27, 2009.

External links

  • Official website
  • Business data for Meritz Financial Group:
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