Woori Financial Group Reviews Acquisition of Dongyang Life Insurance and ABL Life Insurance

Woori Financial Group announced on the 26th that, as part of its strategy to strengthen non-bank competitiveness, it has signed a non-binding memorandum of understanding (MOU) with the major shareholders of Dongyang Life Insurance and ABL Life Insurance and plans to commence due diligence.

Woori Financial Group has long sought various ways to enter the securities and insurance industries to enhance its competitiveness as a comprehensive financial group, moving away from its heavy reliance on banking. Among these, the entry into the securities business has been decided through the merger of Korea Post Securities and Woori Securities, and it is currently undergoing approval procedures with regulatory authorities.

Regarding insurance, the group has participated in the preliminary bidding for the public sale of Lotte Non-Life Insurance and is currently at the stage just before the main bidding, planning to make a final decision based on the results of due diligence.

A Woori Financial Group official stated, “Dongyang Life Insurance and ABL Life Insurance are also being considered as potential acquisition targets in our M&A review; however, nothing has been concretely decided yet. We will provide detailed information through disclosures or press releases depending on future developments.”