Tongyang Life Insurance becomes wholly-owned subsidiary of Woori Financial Group

Tongyang Life Insurance has completed a comprehensive stock exchange with Woori Financial Group, officially becoming a wholly-owned subsidiary. This move follows a contract signed in April and subsequent approvals from financial authorities and shareholder votes.

After being listed on the stock market since 2009, Tongyang Life Insurance is expected to be delisted by the end of August. The transition aims to simplify the corporate structure, reduce costs associated with maintaining a listing, and allow for faster decision-making and strategic integration within the group.

Woori Financial Group intends to leverage this integration to strengthen its non-banking portfolio. By combining Tongyang Life's insurance expertise with the group's existing banking, card, and securities services, the company seeks to create synergies in customer bases, asset management, and digital business development. Tongyang Life CEO Sung Dae-gyu stated that the company aims to become a core affiliate by combining insurance professionalism with the group's comprehensive financial competitiveness.