Woori Financial Group has joined the race to buy Lotte Insurance, South Korea's seventh-largest non-life insurer, aiming to boost its non-banking sectors. CFO Lee Sung-wook announced during an earnings call that they are interested, but cautious about overpaying, with current market price estimates of about KRW2tr (USD1.45bn) considered too high. Woori submitted a letter of intent to JP Morgan, the advisor on the sale of a 77% stake by JKL Partners. Acquired in 2019 for KRW730bn, JKL aims to potentially double its investment following Lotte Insurance's profitable year. Final bids are attracting global equity firms and, excluding Hana and Shinhan, are expected to start in June, with the sale concluding later this year.