Woori Financial Group acquires 75.34% of Tongyang Life Insurance for KRW 1.28tn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $886m
- Stake
- 75.34%
- Implied 100%
- $1.2bn
- Revenue
- —
- Op. income
- —
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
- Target
- Tongyang 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
Tongyang Life is a Korean life insurer reported as the 6th largest of 22 by written premiums in 2023, with total assets of about KRW 33tn and net income of about KRW 300bn. Its controlling shareholder before the sale was China's Dajia Insurance Group.
Deal rationale
Woori Financial Group said it was acquiring Tongyang Life (75.34%) together with ABL Life (100%) to become a comprehensive financial group spanning banking, securities and insurance, reduce its over-90% reliance on banking and generate cross-selling synergies. It completed the acquisition on 1 July 2025.
Reported multiples
- PBR 0.7x 2024년 3월 말 실사 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.