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Woori Financial Group to Combine Tongyang Life, ABL Life to launch KRW55 Trillion Insurer

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Woori Financial Group (KRX:316140) will officially begin integrating Tongyang Life Insurance and ABL Life Insurance, aiming to launch an integrated life insurer with 55 trillion won in assets in the second half of 2027, The Korean Times reported Tuesday.

The South Korea-based group said that the merger will strengthen insurance as a key business, creating a larger insurer better positioned for expanding the key insurance market.

The company integrated the two insurers under its control in July and made Tongyang Life its wholly owned subsidiary through a comprehensive share swap on Aug. 11.

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