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Photo = Yonhap news |
[Alpha Biz= Kim Sangjin] Woori Financial Group has submitted an application to the financial authorities for the approval of incorporating Dongyang Life Insurance and ABL Life Insurance as subsidiaries.
The approval process will involve a review by the Financial Supervisory Service (FSS), followed by a decision at a full meeting of the Financial Services Commission (FSC).
Woori Financial has agreed to acquire 75.34% of Dongyang Life for 1.284 trillion KRW and 100% of ABL Life for 265.4 billion KRW.
The acquisition is expected to reduce Woori Financial's reliance on bank profits, which currently account for about 90% of its earnings, to around 80%, by strengthening its non-banking division.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
