| Meritz Financial Group Inc. | |
| Native Name: | 주식회사 메리츠금융지주 |
| Native Name Lang: | ko |
| Type: | Public |
| Industry: | Financial services |
| Predecessor: | Financial arm of Hanjin |
| Founders: | --> |
| Successors: | --> |
| Hq Location City: | Seoul |
| Hq Location Country: | South Korea |
| Areas Served: | --> |
| Key People: | Cho Jung-ho (Chairman) |
| Profit: | --> |
| Profit Year: | --> |
| Owners: | --> |
Meritz Financial Group Inc. 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]
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]
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 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]