Yim Jong-ryong, the chairman of Woori Financial Group, is attaching the new group insignia to the employees of Tongyang and ABL Life, which have recently joined the Woori Financial Group. /Courtesy of Woori Financial Group

On the 1st, Woori Financial Group announced that it has completed the incorporation of Tongyang and ABL Life Insurance as subsidiaries. This marks the conclusion of the insurance company acquisition process nearly 10 months after the group’s board of directors resolved to acquire the insurer in August last year and signed a share purchase agreement.

With this, Woori Financial Group has completed its comprehensive financial group portfolio, which includes banking, securities, and insurance, following the entry into the securities industry with the launch of Woori Investment & Securities in early August last year and now its entry into the insurance industry this year. Woori Financial Group expects that the acquisition of the insurance companies will generate synergy effects among its affiliates.

Yim Jong-ryong, chairman of Woori Financial Group, noted, “Today is a significant step forward in the journey to rebound as a top financial group.” Additionally, in a handwritten letter to the employees of Tongyang and ABL Life Insurance, Chairman Yim stated, “The professionalism and experience of the two insurance companies, which have a long history and strength, will be a great asset to the group,” and added, “We will support their stable growth with active assistance at the group level.”

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