On May 7, NICE Investors Service announced that it would upgrade Dongyang Life Insurance's insurance financial strength rating and the credit rating of its subordinated bonds from AA/↑ and AA-/↑ to AA+/Stable and AA/Stable, respectively.
On the same day, NICE Investors Service explained, "This reflects the expectation that the possibility of extraordinary support from affiliates for Dongyang Life Insurance will be strengthened, following the conditional approval by the Financial Services Commission on May 2 for Woori Financial Group's acquisition of Dongyang Life Insurance."
NICE Investors Service stated, "After being incorporated into Woori Financial Group, Dongyang Life Insurance's importance within the group is expected to increase," and added, "Woori Financial Group possesses strong support capabilities based on Woori Bank's solid business foundation, excellent financial structure, and stable profit-generating capacity as the group's core subsidiary."
The agency further noted, "After the acquisition, Woori Financial Group will hold a 75.3% stake in Multi-Insurance Group," and assessed, "There is a high level of business integration, considering the recognized dominant affiliation within the group and the potential for intra-group synergy to strengthen the non-banking sector."
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