Woori Financial Group Begins Integration of Tongyang Life and ABL Life

A Major Life Insurer with 55 Trillion Won in Assets Set to Launch Next Year
"Proactively Responding to the Rapidly Changing Insurance Market"

The integration of Tongyang Life Insurance and ABL Life Insurance is set to move forward in earnest.

On August 18, Woori Financial Group announced that it has initiated the process of integrating Tongyang Life Insurance and ABL Life Insurance to strengthen competitiveness in the insurance sector.

Woori Financial Group incorporated Tongyang Life Insurance and ABL Life Insurance as affiliates on July 1 last year. On August 11, it acquired full ownership of Tongyang Life Insurance through a comprehensive share exchange process. Building on this, the group plans to launch a major integrated life insurance company with total assets of 55 trillion won in the second half of next year. A Woori Financial Group representative explained, "This integration is a strategic move to proactively respond to the rapidly changing insurance market environment and focus the group’s capabilities on developing the integrated insurer as a core affiliate."

Woori Financial Group aims to ensure a stable new risk-based capital (K-ICS) ratio for the integrated insurer. The group also plans to build up the Contractual Service Margin (CSM), a future profit source, by leveraging competitive products and sales capabilities.

To achieve this, Woori Financial Group will invest in artificial intelligence (AI) to revolutionize sales support and management processes, as well as provide a safety net that covers all aspects of customers' lives. At the same time, it will secure future growth engines, such as long-term care businesses, in preparation for the full-scale arrival of a super-aged society.

A Woori Financial Group official stated, "We expect that this integration will enable the insurance division of Woori Financial Group to make significant strides and serve as a catalyst for balanced growth of the group’s business portfolio. We will grow the insurer into a company that offers greater value to customers through differentiated experiences that encompass both AI-driven innovation and compassionate financial services."

On August 19, Woori Financial Group Chairman Lim Jongryong will hold a CEO town hall meeting attended by executives and team leaders of both insurance companies to share the integration direction and vision.

This content was produced with the assistance of AI translation services.