Woori Financial to Launch Integrated Life Insurance Company with 55 Trillion Won in Assets in Second Half of Next Year

Woori Financial Group has decided to launch an integrated life insurance company with total assets of 55 trillion won by merging Dongyang Life and ABL Life in the second half of next year. This integration aims to complement the bank-centered revenue structure and to elevate the insurance sector as a core subsidiary of the group. Woori Financial signed a stock purchase agreement to acquire 75.34% of Dongyang Life and 100% of ABL Life in August 2024, with a total acquisition cost of 15.493 trillion won. Once the integrated life insurance company is established, Woori Financial will strengthen its comprehensive financial group system by adding an insurance pillar to its banking, card, securities, and asset management sectors. The integration process will focus on merging product systems, IT systems, sales channels, and organizational operations. A Woori Financial official stated that they plan to nurture the integrated insurance company as a core subsidiary of the group and secure the K-ICS ratio. The impact of the adjustment of product composition and sales channels of the two companies on profitability and capital soundness will require further verification.

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