Woori to merge Tongyang, ABL into W55tr life insurer

Woori Financial Group said Tuesday it will merge Tongyang Life Insurance and ABL Life Insurance into a 55 trillion won ($39 billion) insurer, with the combined company targeted for launch in the second half of 2027. The merger represents a major expansion of Woori’s insurance business as the group seeks to reduce its reliance on banking and build stronger nonbank operations. Woori plans to develop the combined insurer into one of its core businesses and a new growth engine. The financial group a