Mirae Asset Securities Turns Global Expansion into Earnings as Overseas Profit Share Hits 24%

Mirae Asset Securities is witnessing its global expansion generate meaningful earnings, signaling a potential shift in South Korea's brokerage industry. Overseas subsidiaries achieved roughly KRW 609.1 billion ($440 million) in pre-tax profit during the second quarter of 2026, comprising about 24% of the company's total pre-tax earnings.

This figure represents a six percentage point increase from the previous quarter, with a return on equity of 24.8% for overseas operations. The earnings are distributed across various regions: 37% in the United States, 35% in Hong Kong, 18% in London, and 5% in India. By generating profits in major financial centers and emerging markets, Mirae Asset's overseas network is shifting from an investment phase to a more significant part of the group's earnings structure.

While Mirae Asset has been expanding globally for decades, its focus has evolved. Beyond traditional security brokerage, the company is increasingly venturing into areas like investment banking, principal investment, and wealth management, aiming to build businesses capable of serving local clients and generating earnings in their respective markets.

This strategy may make the geographical location of earnings nearly as crucial as their size. India is a critical test of Mirae Asset’s long-term strategy. The acquisition of Indian brokerage Sharekhan in 2024, which boasts over 3.2 million customers, provides Mirae Asset with a substantial local client base and an extensive distribution network.

Under "Vision 2030," the company aims to increase wealth-management assets under management in India to INR 8 trillion by 2030, transforming Sharekhan into a broader wealth-management platform. For Mirae Asset, India is not just another overseas subsidiary; it is a test of whether a Korean financial institution can establish a major consumer-facing financial franchise outside its home market.

While South Korea remains the core market, the company's domestic business is expanding, and the earnings from overseas operations are not replacing it. Instead, Mirae Asset is developing a second earnings engine alongside its domestic franchise, creating a diversified structure that could prove vital as Korean securities firms explore new avenues for long-term growth.