Lim Jongryong: "Creating Value for Customers and Shareholders Through Synergies Such as Bancassurance"
Woori Financial Group announced on July 1 that it has completed the process of incorporating Tongyang Life and ABL Life as subsidiaries.
Previously, in August of last year, Woori Financial Holdings held a board meeting and decided to acquire the two insurance companies, signing a share purchase agreement. Following this, the "Life Insurance Company Acquisition Task Force Team (TFT)" was launched in September and began aligning the insurance companies' organization, human resources, finance, risk management, and information technology (IT) systems with the group's management framework.
In addition, the group established the management direction for the insurance companies and developed group synergy strategies. Chairman Lim Jongryong and other group executives and employees also received training on insurance industry operations, benchmarking cases, insurance regulations, and accounting systems.
Going forward, Woori Financial plans to foster Tongyang Life and ABL Life, together with Woori Investment & Securities, as core affiliates in the group's non-banking sector. Rather than focusing on external growth, the group will prioritize capital soundness, develop innovative products, and expand its sales base by utilizing bancassurance, GA (corporate general agencies), and digital channels.
In particular, artificial intelligence (AI) and big data technologies will be applied to the insurance underwriting and claims processes. The group also aims to enter the healthcare and nursing care services markets to establish new growth models and contribute to addressing social issues such as low birth rates and an aging population.
Lim Jongryong, Chairman of Woori Financial Group, stated, "Woori Financial Group, which established the nation's first financial holding company in April 2001, has once again completed the transformation into a comprehensive financial group encompassing banking, securities, insurance, and cards." He emphasized, "We will create value for both customers and shareholders through synergies in areas such as bancassurance, asset management, digital innovation, and the AI transformation."
In a handwritten letter sent to employees of Tongyang Life and ABL Life, Chairman Lim promised, "The expertise and experience of these two insurance companies, with their long histories and strengths, will be of great benefit to the group," adding, "Through active support at the group level, we will ensure the stable integration and growth of both insurance companies."
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