Samsung Life Insurance announced on Thursday that it has acquired a 20 percent stake in Meridiam SAS, a French private equity firm focused on infrastructure investment.

With this investment, Samsung Life has become the second-largest shareholder of the French company.

"As Meridiam has diverse investment experience and expert executives in the infrastructure sector, we believe that it is an adequate strategic partner for Samsung Life Insurance's global alternative investment expansion, following UK-based firm Savills Investment Management," a Samsung Life Insurance official said in a statement.

Both parties agreed not to disclose the acquisition price, a Korean company official told The Korea Herald on Thursday.

Since CEO Jeon Young-muk took office in 2020, Samsung Life Insurance has been actively expanding its global portfolio.

In 2021, it acquired a 25 percent stake in Savills Investment Management, UK real estate services giant Savills’ property management arm, for 63.75 million pounds ($79.2 million).

Samsung Group’s insurance units also signed a deal worth $650 million with US-based private equity firm Blackstone to expand its global alternative asset portfolio last year.

The French firm invests in various infrastructure projects in locations such as Europe and North America. Its total managed asset value is around 27 trillion won ($20.3 billion).

Samsung Life Insurance also emphasized that the French company is recognized as one of the top asset management firms in the global environmental, social and corporate governance investment market.

Meridiam SAS has invested in over 100 environmentally friendly infrastructure projects, including public services, sustainable infrastructure development, decarbonization solutions and renewable energy through its global units located in 11 different countries.

Following this deal, Samsung Life Insurance will join the board of directors of the French company and also establish a business cooperation agreement.

Meanwhile, Samsung Life Insurance recorded a net profit of 1.58 trillion won last year, seeing a 7.8 percent increase from the previous year.

While sales increased by 15 percent to 40.33 trillion won on-year, operating profit decreased by 18.5 percent from 2021 to 1.38 trillion won.