Woori Financial Group has formalised the integration of 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.

Woori Financial said on Aug. 18 it has begun full-scale integration work between Dongyang Life and ABL Life to strengthen competitiveness in its insurance business.

Woori Financial incorporated the two insurers as affiliates on July 1, 2025. On Aug. 11, it also made Dongyang Life a wholly owned subsidiary through a comprehensive stock swap.

The combined insurer plans to focus on stably managing its solvency ratio under the K-ICS capital adequacy metric and expanding its contract service margin, or CSM, a measure of future profit.

It also plans to combine the two companies' competitiveness in products and sales channels. Using artificial intelligence, it will also upgrade sales support and management control processes. It also plans to pursue new growth businesses such as nursing care services in response to a super-aged society.

Woori Financial plans to hold a group CEO town hall meeting on Aug. 19 chaired by Chairman Jong-ryong Lim (임종룡), with executives and team leaders from the two insurers attending, to share the integration direction and vision.

A Woori Financial official said, "The insurance business is facing a major inflection point due to demographic structural changes such as a super-aged society, capital adequacy regulations, and strengthened actuarial assumptions." The official added, "Through the integration, we will enhance competitiveness in the insurance business and pursue balanced growth in the group's business portfolio."