Woori Financial Group Joins Lotte Insurance Acquisition Battle... "Hoping for a Fair Price"

Woori Financial Group has entered the bidding for Lotte Insurance. It is interpreted as an effort to diversify its portfolio, as it is the only one among the top five financial groups without an insurance affiliate.

A Woori Financial official stated on the 24th, "We plan to review whether the business is viable and if the sale price is appropriate through due diligence," adding, "We will not spend more than what we consider a reasonable price."

Since selling Woori Aviva Life Insurance in 2013, Woori Financial has not had an insurance company as an affiliate. Chairman Lim Jong-ryong of Woori Financial has repeatedly emphasized the expansion of the non-banking portfolio.

Lotte Insurance is the 7th largest non-life insurance company in Korea based on assets, with JP Morgan acting as the sales advisor. The main bidding is scheduled to take place around June.

In this bidding for Lotte Insurance, private equity firms such as BlackRock, Blackstone, and Kohlberg Kravis Roberts (KKR), along with Woori Financial, have also participated.