Woori Financial Group finalizes purchase of Tongyang Life, ABL Life

Woori Financial Group has completed its acquisition of Tongyang Life Insurance and ABL Life Insurance, finalizing the deal nearly 10 months after signing a stock purchase agreement in August 2024, the company announced Tuesday.

Woori Financial Group chairman Yim Jong-ryong, center, poses for the camera with employees of Tongyang Life Insurance and ABL Life Insurance. [WOORI FINANCIAL GROUP]

Woori Financial Group has completed its acquisition of Tongyang Life Insurance and ABL Life Insurance, finalizing the deal nearly 10 months after signing a stock purchase agreement in August 2024, the company announced Tuesday.

With the addition of the two insurers, Woori has now established a comprehensive portfolio that encompasses banking, securities and insurance. The milestone follows the group’s entry into the securities business in August 2024 with the launch of Woori Investment Securities.

Tongyang Life Insurance and ABL Life Insurance are both major players in the industry with significant customer bases, assets and profitability. Woori Financial Group expects the acquisitions to enhance its financial structure by boosting asset size, profitability and the proportion of nonbanking operations.

Rather than focusing solely on expansion, Woori Financial Group plans to prioritize capital soundness and customer-centric innovation. It aims to develop innovative products and expand sales channels through bancassurance, general agencies and digital platforms.

The group also intends to integrate artificial intelligence and big data technologies into insurance underwriting and claims processes.

Additionally, Woori Financial Group plans to venture into new businesses such as health care and long-term care services, creating new growth models within the insurance industry through connections with nonfinancial sectors. The group also aims to provide comprehensive financial services by launching joint products through organic collaboration between its subsidiaries, including banking, credit cards, securities and asset management.

“Since establishing Korea’s first financial holding company in April 2001, Woori Financial Group has once again completed a comprehensive financial group system encompassing banking, securities, insurance and credit cards,” said Chairman Yim Jong-ryong.

“Today marks a significant step forward in our journey to reestablish ourselves as a leading financial group, following our complete privatization achieved in March last year through the purchase and cancellation of the remaining shares held by the Korea Deposit Insurance Corporation.”

BY KIM MIN-YOUNG [kim.minyoung5@joongang.co.kr]