[Edaily Reporter PARK JONG-HWA ] TONGYANG LIFE INSURANCE is set to undergo delisting procedures following its acquisition as a wholly-owned subsidiary of WooriFinancialGroup. A view of TONGYANG LIFE INSURANCE’s headquarters. (Photo courtesy of TONGYANG LIFE INSURANCE)
TONGYANG LIFE INSURANCE announced on the 11th that it has completed the share exchange process with WooriFinancialGroup and has become a wholly-owned subsidiary. WooriFinancialGroup acquired TONGYANG LIFE INSURANCE and ABL Life Insurance from China’s Dazha Insurance Group in 2024 and has been working to make them wholly-owned subsidiaries.
With WooriFinancialGroup securing a 100% stake in TONGYANG LIFE INSURANCE, the company is scheduled to be delisted on the 31st of this month. This comes 17 years after its initial listing on the Korea Exchange in 2009.
TONGYANG LIFE INSURANCE expects that becoming a wholly-owned subsidiary of WooriFinancialGroup will streamline decision-making processes and reduce operating costs. It also aims to strengthen synergies with other WooriFinancialGroup affiliates, such as banks, credit card companies, and securities firms.
Some observers predict that discussions regarding a merger with ABL Life will also begin in earnest. If the two life insurers merge, they could emerge as one of the top five companies in the industry, with assets totaling 55 trillion won.
Seong Dae-gyu, CEO of TONGYANG LIFE INSURANCE, said, “I would like to thank our shareholders and customers for their support in ensuring that the stock exchange process was completed smoothly.” He added, “By combining Woori Financial Group’s comprehensive financial competitiveness with TONGYANG LIFE INSURANCE’s insurance expertise, we will secure new growth momentum and establish ourselves as a core affiliate of Woori Financial Group that provides greater value to all our customers.”
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