Tongyang Life Insurance Incorporated as Wholly Owned Subsidiary of Woori Financial Group: "Aiming to Become a Core Affiliate"
Tongyang Life Insurance announced on the 11th that it has completed the comprehensive share swap process with Woori Financial Group and has been incorporated as a wholly owned subsidiary of Woori Financial Group.
Tongyang Life Insurance entered into a comprehensive share swap agreement with Woori Financial Group in April, and after obtaining approval from the relevant authorities and a resolution from the general meeting of shareholders, completed the share swap on this day.
Having been listed on the Korea Exchange since 2009, Tongyang Life Insurance will conclude its 17-year journey as a listed company and be delisted at the end of this month, thereby laying the foundation for further strengthening group-wide synergies as a core insurance affiliate of Woori Financial Group.
Through the change in governance structure following the incorporation as a wholly owned subsidiary, Tongyang Life Insurance expects to streamline stakeholders and implement management strategies with greater agility. The company also anticipates reducing tangible and intangible management costs by resolving duplicate listings and establishing a more sustainable management system.
The company will also begin in earnest to explore future business opportunities by leveraging the human and material resources of Woori Financial Group and to generate synergies with its group affiliates. Through collaboration with the group's subsidiaries, such as the bank, card, and securities businesses, Tongyang Life Insurance aims to expand its customer base and significantly enhance the competitiveness of its products and services, continuously broadening its customer-centric comprehensive financial services.
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Kyu Sung, CEO of Tongyang Life Insurance, stated, "I would like to thank our shareholders and customers for their support, which made it possible to smoothly complete the share swap process." He added, "By combining Woori Financial Group's competitiveness in comprehensive financial services with Tongyang Life Insurance's expertise in insurance, we will secure new growth engines and establish our position as a key affiliate of Woori Financial Group, providing even greater value to all our customers."
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