SEOUL-- South Korea's financial authorities said Thursday they have approved Mirae Asset Life Insurance Co.'s acquisition of PCA Life Insurance Co., the local unit of Britain's largest insurer Prudential Plc.

The Financial Services Commission said it had approved the deal worth 170 billion won (US$150 million) on Tuesday.

The takeover will make Mirae Asset Life Insurance the fifth-largest life insurer with assets of 33.41 trillion won in the domestic insurance market.

Source: Yonhap News Agency