Samsung Group heir apparent Jay Lee is looking to acquire small stakes in Samsung Life Insurance Co Ltd and Samsung Fire & Marine Insurance Co Ltd, South Korea's largest conglomerate said on Tuesday.

Lee is seeking regulatory approval to acquire a 0.1 percent stake each in Samsung Life and Samsung Fire & Marine, Samsung Group said in an email statement.

He is reinvesting after-tax proceeds of 25.2 billion won ($23.97 million) from selling his stake in Samsung Asset Management Co Ltd to Samsung Life earlier this year, according to the statement.

The planned stake purchases do not represent a major change in ownership structure of both insurance companies, which are already controlled by Samsung Group.

Lee has no plans to buy more shares in Samsung Life or Samsung Fire & Marine at present, Samsung Group said, without saying why he wants to make the investments.

The Financial Services Commission, the country's financial regulator, will likely decide whether to approve the request on Wednesday, an official at the regulator said.