Woori Financial Group said on the 18th that it is formally launching work to integrate Tongyang Life Insurance and ABL Life Insurance. Through this, it aims to launch a large integrated life insurer with total assets of 55 trillion won by the second half of next year.
Woori Financial said the integration is meant to proactively respond to the rapidly changing insurance market environment, and that it plans to concentrate group-level capabilities to nurture the integrated insurer as a core affiliate of the group.
Woori Financial acquired the two companies as a package last year and brought them in as affiliates, and recently made Tongyang Life Insurance a wholly owned subsidiary through a comprehensive stock exchange.
Yim Jong-ryong, chairman of Woori Financial, will preside over a group chief executive officer (CEO) town hall meeting on the 19th, attended by executives and Head of Team-level managers from Tongyang Life Insurance and ABL Life Insurance, to share the direction and vision for the integration.