Samsung Life Insurance Co. announced on Tuesday that it will invest more than 30 billion won ($21 million) in its senior care subsidiary, a move aimed at seeking a new growth engine amid a slowing insurance market.

The company said it will raise capital in its wholly owned unit, Samsung NobleLife Inc., by 31 billion won and transfer the land and buildings of the retirement community run by the subsidiary.

The community, called Samsung Noble County, is valued at 422.5 billion won as an in-kind investment.

The move effectively folds the Noble County business, previously run by the Samsung Life Public Welfare Foundation, into the insurer’s portfolio.

Hong Won-hak, the insurer’s chief executive, has identified long-term care as a key expansion area. “We will continuously explore insurance that goes beyond insurance,” Hong told shareholders in March.

He pledged a full-scale launch of the senior business this year.

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