Seoul: Samsung Life Insurance Co. announced it will sell approximately 1.32 trillion won (US$881.6 million) worth of its shares in Samsung Electronics Co. In a regulatory filing, the company revealed its plan to offload about 6.24 million shares, which represents roughly 0.11 percent of the outstanding shares of Samsung Electronics.

According to Yonhap News Agency, Samsung Fire and Marine Insurance Co. also announced its intention to sell about 1.09 million shares, equating to 0.02 percent of the total Samsung Electronics stocks, valued at 227.5 billion won. The companies stated that this decision aims to address potential violations of local regulations that govern financial companies by reducing excess shareholdings.

Current law restricts financial affiliates from holding more than a 10 percent stake in non-financial affiliates, prompting this move by Samsung's insurance subsidiaries.