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Finance

Woori Financial to merge Dongyang Life and ABL Life, aiming to launch 55 trillion won insurer

Woori Financial Group has formalised plans to integrate Dongyang Life Insurance and ABL Life Insurance and is pursuing the launch of a combined life insurer with total assets of 55 trillion won in the second half of 2027. The group said it has begun full-scale integration work to strengthen competitiveness in its insurance business. The combined insurer will focus on managing its K-ICS solvency ratio and expanding its contract service margin.

Industry

LX Semicon starts mass production of automotive MCU to supply Hyundai, Kia

LX Semicon said on Sunday it has started mass production of its motor-control microcontroller unit, the LX61101, and begun supplying it to Hyundai Motor and Kia. It said the chip is its first result in automotive MCUs and the first domestically produced MCU to be installed in Hyundai and Kia vehicles. The company said the chip controls body electronics motors in real time and meets AEC-Q100 and ISO 26262 standards.

Finance

Woori Financial first-half net profit 1.61 trillion won, non-bank contribution rises to 22.3%

Woori Financial Group posted first-half net profit attributable to owners of the parent of 1.609 trillion won, up 3.7% from a year earlier, helped by higher capital markets fee income and the effect of consolidating an insurer. Second-quarter profit rose 66.4% from the previous quarter to 1.005 trillion won. Non-bank units’ share of group profit rose to 22.3%. The group announced a 220 won per share cash dividend for the second quarter.