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Mirae Asset strives for balanced growth in global push

Mirae Asset Financial Group headquarters in Seoul
Mirae Asset Financial Group headquarters in Seoul
Mirae Asset Financial Group said Tuesday it had topped the 1 trillion won ($820.48 million) mark in the group‘s combined operating profit, net profit and earnings before tax each, quoting its 2019 earnings statement.

The South Korean group’s key affiliates, including brokerage Mirae Asset Daewoo, asset management firm Mirae Asset Global Investments, insurer Mirae Asset Life Insurance, nonbanking lender Mirae Asset Capital and Mirae Asset Consulting, recorded a combined 1.16 trillion won operating profit and 1.14 trillion won net profit. All aforementioned affiliates saw gains in the 2019 report.

Mirae Asset attributed the balanced growth to its global network, composed of over 40 units across 15 countries. Its overseas earnings before tax of some 210 billion won accounted for nearly 20 percent of the total, in an unprecedented move by Korean nonbanking financial group.

Mirae Asset also highlighted its growing capital buffer and improved liquidity in its stronger push to go global.

The group’s equity capital was 16 trillion won at the end of 2019, up some 2 trillion won over the course of last year. Its net liquid assets -- or liquid assets less current liabilities -- came to 10.22 trillion won, having risen 1 trillion won in two years.

By Son Ji-hyoung (