Woori Financial Group has announced the merger of Tongyang Life Insurance and ABL Life Insurance into a single entity to be launched in the second half of 2027.
Woori, which is South Korea’s fourth largest financial group acquired the two insurers from China’s Daija Insurance Group in July 2025. The integration of the two companies will result in the creation of a KRW55tr ($39b) insurer, and represents a major expansion of Woori’s insurance business as the group seeks to reduce its reliance on banking and build stronger nonbank operations.
Woori plans to develop the combined insurer into one of its core businesses and a new growth engine. The merged company will focus on strengthening its contractual service margin, a key indicator of future insurance profitability, by expanding sales of profitable policies.