Woori Financial Group announced on August 18 that it has officially merged Dongyang Life and ABL Life, marking a significant step in enhancing its insurance sector competitiveness.
The group incorporated both insurance companies as subsidiaries on July 1, 2025, and fully acquired Dongyang Life as a 100% subsidiary through a comprehensive stock exchange on August 11. Plans are in place to launch a large-scale integrated life insurance company with total assets of 55 trillion won in the second half of 2027.
This merger is part of a strategy to respond to the rapidly changing insurance market environment and to concentrate the group's capabilities to develop the integrated insurance company as a key subsidiary.
Woori Financial aims to secure stable capital soundness (K-ICS ratio) for the integrated insurance company in line with the new paradigm shift in the insurance market. Additionally, the group plans to lead market competition by building a source of future profits through competitive products and sales capabilities, focusing on contract service margins (CSM).
To achieve this, Woori Financial will first combine the strengths of both companies to maximize synergies. The group intends to innovate sales support and management processes through bold investments in AI, providing a robust safety net that encompasses all aspects of customers' lives. At the same time, it aims to secure future growth engines, such as care services in preparation for an aging society, to offer valuable products and services to customers.
On August 19, Woori Financial will hold a group CEO town hall meeting chaired by Chairman Im Jong-ryong, where executives and team leaders from both insurance companies will share the direction and vision of the merger.
A Woori Financial official stated, "We expect this merger to be an opportunity for balanced growth in the group's business portfolio, and we will develop into an insurance company that provides better value through differentiated experiences that encompass AI innovative technology and warm financial services."
* This article has been translated by AI.
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