Woori Financial Group to merge Dongyang and ABL Life

Woori Financial Group has officially commenced the integration of its life insurance subsidiaries, Dongyang Life Insurance and ABL Life Insurance. The merger is targeted for completion in the second half of next year, creating a major life insurer with total assets estimated at 55 trillion won.

This strategic move aims to establish the insurance business as a core pillar of the group's portfolio. Woori Financial Group Chairman Lim Jong-ryong is scheduled to host a CEO town hall meeting to share the vision and integration direction with executives and team leaders from both companies.

The newly formed entity is expected to compete within the top five tier of the life insurance industry. To ensure market leadership, the group plans to focus on securing capital adequacy (K-ICS ratio) and increasing Contract Service Margin (CSM). Future growth strategies include investing in artificial intelligence to innovate management processes and expanding into the nursing care sector to address the challenges of an aging society.