Woori Financial "Decides Not to Pursue Acquisition of Lotte Insurance"

Woori Financial Group has decided not to participate in the bidding for the sale of Lotte Insurance. However, it will continue to review the acquisition of Dongyang Life Insurance and ABL Life Insurance, which are being pursued separately.

In response to the Korea Exchange's inquiry disclosure request regarding the acquisition of Lotte Insurance and others, Woori Financial stated, "As part of the group's strategy to strengthen non-bank competitiveness, we considered acquiring Lotte Insurance but have decided not to proceed with the acquisition."

Previously, Woori Financial had explored acquiring insurance companies to complete its subsidiary portfolio and even participated in the preliminary bidding for Lotte Insurance, conducting due diligence. However, the estimated sale price, ranging from 2 to 3 trillion won, became a contentious issue. Woori Financial has consistently maintained a policy of "not engaging in reckless acquisitions or overpaying" amid the high sale price controversy.

Instead, Woori Financial has signed a non-binding memorandum of understanding (MOU) with China Multilateral Life Insurance and is reviewing the acquisition of Dongyang Life Insurance and ABL Life Insurance, planning to commence due diligence. Regarding this, Woori Financial stated, "We will re-disclose details related to the ongoing acquisition efforts of Dongyang Life Insurance and ABL Life Insurance at the time when specific details are decided or within one month."