Woori Financial Group Inc. (KOSE:A316140) entered into a non-binding memorandum of understanding to acquire Tong Yang Life Insurance Co., Ltd. and ABL Life Insurance Co., Ltd. for KRW 1.5 trillion on June 25, 2024. Woori Financial Group Inc. (KOSE:A316140) entered into a share purchase agreement to acquire Tong Yang Life Insurance Co., Ltd. and ABL Life Insurance Co., Ltd. for KRW 1.5 trillion on August 28, 2024. As a part of acquisition, Woori Financial Group agreed to acquire 75.3% of the shares of Tong Yang Life Insurance Co., Ltd. and 100.0% of the shares of ABL Life Insurance Co., Ltd., to incorporate them as our life insurance subsidiaries. Under the terms, Woori Financial Group is acquiring 3,106,736 shares from ABL Life Insurance for a purchase price of KRW 265,361,855,440. Ratio of purchase price to total equity of Woori Financial Group: 0.79%, based on Woori Financial Group?s total consolidated equity of KRW 33,397,489,875,071 as of December 31, 2023. Post completion of the acquisition, t otal number of shares to be owned by Woori Financial Group following the acquisition: 3,106,736 (representing 100.0% of ABL Life Insurance?s total issued shares). As of August 28, 2024, the Board of Directors of Woori Financial Group Inc. passed a resolution to acquire the shares of Tongyang Life Insurance Co., Ltd. As per the terms, 121,565,627 shares representing 75.34% stake in Tong Yang Life Insurance to be acquired for KRW 1.3 trillion and 3,106,736 shares representing 100% stake in ABL to be acquired for KRW 270 billion.
The transaction is subject to consummation of due diligence investigation and subject to the date of obtaining approval from the regulatory authorities, among others. As of May 2, 2025, Woori Financial Group Inc. received regulatory approval from Financial Services Commission for the takeovers of Tongyang Life Insurance Co. and ABL Life Insurance Co.
Woori Financial Group Inc. (KOSE:A316140) completed the acquisition of Tong Yang Life Insurance Co., Ltd. and ABL Life Insurance Co., Ltd. on July 1, 2025.
Woori Financial Group Inc. is a financial holding company. The Companyâs main subsidiary companies include Woori Bank, WOORI FIS Co., Ltd., Woori Finance Research Institute, woori credit Information co., Ltd., Woori Private Equity Asset Management Company, Ltd and WOORI FUND SERVICE LIMITED., among others. Woori Bank provides deposits, loans, funds, foreign exchange transactions, payment guarantees, securities investment, trust investment, and credit card services. WOORI FIS Co., Ltd. provides computer system installation and development, software development, telecommunication equipment supply and maintenance services. Woori Finance Research Institute conducts research activities on management strategies and the financial industry. woori credit Information co., Ltd. is engaged in credit investigation and collection of bonds. WOORI FUND SERVICE LIMITED. is engaged in private equity investment.
