Woori Financial Group has sealed its re-entry into the insurance sector after 11 years by acquiring Tongyang Life Insurance and ABL Life Insurance. The group will acquire a 75.34% stake in Tongyang Life for KRW1.28tr (USD958m) and the entirety of ABL Life for KRW265.4bn, totaling KRW1.55tr. Woori Chairman and CEO Yim Jong-yong stated the acquisitions will enhance the group’s portfolio, historically dominated by banking. Tongyang Life, Korea’s sixth-largest life insurer, and ABL Life, a midsized player, will become Woori subsidiaries once regulatory approvals are secured. This move follows Woori’s recent launch of its brokerage arm, Woori Investment & Securities, signalling the group’s broader push into non-banking sectors.