Woori Financial Group is speeding up the delisting of Tongyang Life Insurance. Woori Financial Group is said to have persuaded shareholders by presenting a plan to make Tongyang Life Insurance a wholly owned subsidiary to improve management efficiency.
According to the finance industry on the 7th, Woori Financial Group and Tongyang Life Insurance each held a meeting with shareholders on the 6th and explained the background and procedures of a comprehensive share swap to make Tongyang Life Insurance a wholly owned subsidiary. Woori Financial Group was said to have explained to shareholders the impact on enhancing corporate value at the meeting.
The share swap ratio is 0.2521056 share of Woori Financial Group common stock per 1 share of Tongyang Life Insurance. After an extraordinary general meeting of shareholders on July 24, the share swap is scheduled to be completed on Aug. 11. By the end of Aug., the procedure to delist Tongyang Life Insurance will conclude alongside the listing of new shares. Tongyang Life Insurance, which went public on the Korea Exchange's main board in 2009, is expected to become an unlisted company after about 17 years.
Tongyang Life Insurance is part of Woori Financial Group Chairman Yim Jong-ryong's push to reenter the insurance business. In June 2024, Woori Financial Group signed a memorandum of understanding (MOU) with China's Dazhong Insurance Group to acquire Tongyang Life Insurance and ABL Life Insurance. In Aug. of the same year, it signed a share purchase agreement (SPA). The acquisition price is about 1.55 trillion won. In May 2025, the Financial Services Commission conditionally approved the incorporation of Tongyang Life Insurance and ABL Life Insurance as Woori Financial Group subsidiaries, and in July of the same year, the incorporation process was completed.