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 that it will commence the integration of Tongyang Life Insurance and ABL Life Insurance, with the goal of launching a unified life insurer boasting total assets of approximately 55 trillion won ($39 billion) in the second half of 2027. This integration is part of the company's strategy to bolster its insurance business and introduce a larger insurer in the rapidly evolving insurance landscape.
Woori Financial acquired both Tongyang and ABL in July, elevating Tongyang to a wholly owned subsidiary via a comprehensive share swap on August 11. The group intends to merge the strengths of both firms while prioritizing capital strength and contract service margin, a vital indicator of the future profitability of insurance contracts.
Additionally, Woori Financial intends to invest in artificial intelligence to optimize sales and management operations, leveraging the combined strengths of the insurers to enhance its product offerings and distribution channels. Post-merger, the group will explore new growth prospects in sectors like senior care as Korea continues to evolve.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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