Woori Financial Group to launch mega life insurer through Tongyang, ABL merger
Woori Financial Group said Tuesday it will officially kick off the integration of Tongyang Life Insurance and ABL Life Insurance, aiming to launch an integrated life insurer with total assets of about 55 trillion won ($39 billion) in the second half of 2027. The group said the integration is part of efforts to strengthen its insurance business as one of its key pillars and launch a larger insurer…
Woori Financial Group announced on Tuesday its plans to merge Tongyang Life Insurance and ABL Life Insurance, with the goal of launching a consolidated life insurance provider boasting assets worth approximately 55 trillion won ($39 billion) by the second half of 2027. The integration aims to bolster the company's insurance sector, a crucial component of its strategic focus, as it navigates a rapidly evolving insurance landscape.
Following the acquisition of both firms in July, Woori Financial transformed Tongyang into a wholly-owned subsidiary on August 11 through a significant share swap. The company intends to leverage the combined strengths of the two insurers, prioritizing financial stability and contract service margins, which are vital indicators of the long-term profitability of insurance agreements.
Moreover, Woori Financial is set to invest in artificial intelligence to optimize sales and management processes, while capitalizing on the combined advantages of both firms to enrich product offerings and broaden distribution networks. Post-merger, the group will explore expansion opportunities in the senior care sector within the Korean market.
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