Woori Financial Group acquires 100% of ABL Life Insurance for KRW 265.4bn
- Deal value
- $183m
- Stake
- 100%
- Implied 100%
- $183m
- Revenue
- —
- Op. income
- $92m
- Multiples
- EQV/EBIT 2.0x
Deal value ÷ stake (structure unconfirmed)
2024 연결 · DART-verified
2024 연결 · DART-verified
On implied equity value
DART 20250514001000
- Target
- ABL Life Insurance · Life insurance
- Buyer
- Woori Financial Group · SI
- Seller
- Dajia Insurance Group
- Structure
- —
- Announced
- Aug 28, 2024
- Closed
- Jul 1, 2025
- Stage
- Closed
Target
ABL Life is a Korean life insurer owned by China's Dajia Insurance Group, described in reports as the industry's ninth-ranked mid-sized insurer, with about KRW 17tn in total assets and roughly KRW 80bn net income in 2023.
Deal rationale
After board approval on 28 August 2024, Woori Financial Group signed an SPA to buy Tongyang Life (75.34%, KRW 1.284tn) and ABL Life (100%, KRW 265.4bn) for KRW 1.5493tn in total. The group said it aimed to reduce its reliance on banking (over 90% of profit) and complete a full-service group spanning banking, securities (Woori Investment & Securities) and insurance with cross-selling synergies; a Woori official called the SPA 'the first button' toward acquiring insurers. On closing (1 July 2025) it said it would prioritize capital soundness over premium growth.
| Revenue | — |
| Operating income | $92m |
| EBITDA | — |
| Net income | — |
2024 연결 · DART-verified · 20250514001000
Reported multiples
- PBR 0.3x 2024년 3월 말 실사 기준일 기준 순자산 source ↗
Press coverage
- 스마트투데이 (2024-08-28): “동양생명 지분 75.34%를 1조2,840억원에, ABL생명 지분 100%를 2,654억원에 각각 인수하기로 합의했다.”
- 스마트투데이 (2025-07-01): “우리금융그룹이 동양생명·ABL생명의 자회사 편입을 완료했다고 1일 밝혔다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.