Tongyang Life Insurance said on the 11th it completed the comprehensive stock exchange process with Woori Financial Group and was incorporated as a wholly owned subsidiary of Woori Financial Group.
Tongyang Life Insurance entered into a comprehensive stock exchange agreement with Woori Financial Group in April and, after securing approvals from the relevant authorities and a shareholders meeting vote, completed the stock exchange on the day.
Woori Financial Group plans to begin in earnest reviewing ways to advance future businesses by leveraging human and physical resources and to create synergies with its affiliates.
Seong Dae-gyu, head of Tongyang Life Insurance, said, "By combining Woori Financial Group's comprehensive financial competitiveness with Tongyang Life Insurance's insurance expertise, we will secure a new growth engine and establish ourselves as a core affiliate of Woori Financial Group that delivers greater value to all customers."