Latest news with #WooriFinancial
Korea Herald
3 days ago
- Business
- Korea Herald
Woori Financial unveils AI-led growth strategy
Woori Financial Group held a business management strategy meeting Friday to share its vision for growth centered on group-wide synergy and a shift toward artificial intelligence. Woori Financial Chair Yim Jong-ryong highlighted that the group will pursue synergy following the recent acquisition of Tongyang Life Insurance and ABL Life Insurance earlier this month, in addition to the launch of Woori Investment & Securities last year. "Now that Woori Financial has completed its transition into a comprehensive financial group with the inclusion of a securities firm and insurance companies, this is truly a golden time to demonstrate real synergy," Yim said. He further stressed the need to push for a company-wide shift to integrate artificial intelligence, which the firm labeled as AI Transformation, or AX. "AI is no longer just a tool. It is a partner we work alongside. Those who understand and know how to leverage AI will become the key talents of the future," Yim said. Oak Il-Jin, head of the digital and IT unit at Woori Financial, shared the strategic direction of the group's AX efforts. Twenty-five working-level staff members in charge of AX were introduced, sharing their insights from the field as well. Lee Jae-jin, professor of computer science and engineering at Seoul National University, gave a lecture, highlighting the importance of securing high-quality training data to support the AI transformation. Friday's meeting was Woori's first group-wide business management strategy event since the addition of the two new insurers, bringing together some 400 executives and employees from all affiliates, including banking, insurance, card services and securities.
Korea Herald
3 days ago
- Business
- Korea Herald
Woori Financial unveils AI-led growth plan after insurer M&As
Woori Financial Group held a business management strategy meeting Friday to share its vision for growth centered on group-wide synergy and a shift toward artificial intelligence. Woori Financial Chair Yim Jong-ryong highlighted that the group will pursue synergy following the recent acquisition of Tongyang Life Insurance and ABL Life Insurance earlier this month, in addition to the launch of Woori Investment & Securities last year. "Now that Woori Financial has completed its transition into a comprehensive financial group with the inclusion of a securities firm and insurance companies, this is truly a golden time to demonstrate real synergy," Yim said. He further stressed the need to push for a company-wide shift to integrate artificial intelligence, which the firm labeled as AI Transformation, or AX. "AI is no longer just a tool. It is a partner we work alongside. Those who understand and know how to leverage AI will become the key talents of the future," Yim said. Oak Il-Jin, head of the digital and IT unit at Woori Financial, shared the strategic direction of the group's AX efforts. Twenty-five working-level staff members in charge of AX were introduced, sharing their insights from the field as well. Lee Jae-jin, professor of computer science and engineering at Seoul National University, gave a lecture, highlighting the importance of securing high-quality training data to support the AI transformation. Friday's meeting was Woori's first group-wide business management strategy event since the addition of the two new insurers, bringing together some 400 executives and employees from all affiliates, including banking, insurance, card services and securities.
Miami Herald
03-07-2025
- Business
- Miami Herald
Analysis: Can Woori Financial break into Korea's top ranks?
SEOUL, July 3 (UPI) -- South Korea's Woori Financial Group has officially acquired two South Korean life insurance companies, Tongyang and ABL, from China's Dajia Insurance Group for $1.1 billion. Subsequently, the country's fourth-largest financial services provider appointed industry veterans Kwak Hee-pil and Sung Dae-kyu as chief executives of ABL and Tongyang, respectively. Dajia, formerly Anbang, acquired Alliance Life Insurance Korea in 2016 and renamed the company to ABL. It took over Tongyang the previous year. Now, the question is whether bringing the two life insurers to Woori Financial will help the perennial No. 4 player better compete with its bigger rivals, including KB, Shinhan, and Hana. "Woori Financial Group, which became Korea's first financial holding company in April 2001, announced that it has once again completed a full-service financial group structure encompassing banking, securities, insurance, and credit cards," Woori Financial Chairman Yim Jong-yong said in a statement. "Today marks a major step forward in our journey to emerge as a top-tier financial group again," he said. "We will deliver innovation for both our customers and shareholders by creating synergies across various areas like bancassurance, asset management, and the AI transformation." Unlike the industry norm, Woori Financial lacked a diverse business portfolio, as it has mostly depended on the banking industry. In particular, it did not have presence in the brokerage and insurance businesses. Woori Financial established a securities affiliate last year and now has added Tongyang and ABL. Their combined assets amount to $40 billion, which is enough to place them among the top five life insurance firms in the country. ABL and Tongyang are also expected to boost the bottom line of Woori Financial. Last year, ABL netted $77 million in profit, up 14.9% from 2023, while Tongyang's net income reached $228 million, up 17.1%. Combined, they accounted for 13.1% of Woori Financial's overall profit. Observers point out that Woori Financial is finally ready to go head-to-head with bigger players. "Woori has a set of tasks to rise to the top of Korea's financial powerhouse league and one of them was to complete its business portfolio. The group finished the job this time, and that means something," Seoul-based consultancy Leaders Index CEO Park Ju-gun told UPI. "However, the business portfolio itself is not enough. Woori needs to come up with something differentiated from other players, like success in overseas markets or innovative services," he said. Economic commentator Kim Kyeong-joon, formerly vice chairman at Deloitte Consulting Korea, concurred. "The banking industry is lucrative, but does not have strong growth potential. That's why domestic financial groups have sought growth opportunities in the brokerage and insurance sectors," Kim said in a phone interview. "As Woori has entered the two segments, it can now compete on a level playing field. To nudge past its bigger rivals, however, it should do more like introducing out-of-the-box services," he said. Suh Yong-gu, an economics professor from Sookmyung Women's University in Seoul, urged Woori to go global in a more proactive way. "Korean financial corporations have failed to make their presence felt in the overseas market. As the domestic market reaches saturation, they should go global to keep growing," Suh said. "For instance, Woori may concentrate on the so-called Global South markets, including India, Indonesia and Brazil, where the financial sectors are growing rapidly. It may partner with local outfits there to ensure more stable growth," he said. In 2023, Woori Financial's flagship unit, Woori Bank, set a goal of expanding the share of its global revenue by 10% to 25% through 2030. Yet, its net profits from 11 overseas branches fell 21% in 2023 and another 7.9% in 2024 year-on-year. Among the 11 countries, Woori Bank has prioritized Indonesia, Vietnam and Cambodia. Notably, Bank Woori Saudara in Indonesia plays a central role in its global strategy. Woori invested $192 million in the Indonesian lender last year to raise its stake from 84.2% to 90.7%. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
03-07-2025
- Business
- UPI
Analysis: Can Woori Financial break into Korea's top ranks?
The question is whether bringing the two major life insurers to Woori Financial will help the perennial No. 4 player better compete with its bigger rivals, including KB, Shinhan, and Hana. Photo by ldensity67/ Pixabay SEOUL, July 3 (UPI) -- South Korea's Woori Financial Group has officially acquired two South Korean life insurance companies, Tongyang and ABL, from China's Dajia Insurance Group for $1.1 billion. Subsequently, the country's fourth-largest financial services provider appointed industry veterans Kwak Hee-pil and Sung Dae-kyu as chief executives of ABL and Tongyang, respectively. Dajia, formerly Anbang, acquired Alliance Life Insurance Korea in 2016 and renamed the company to ABL. It took over Tongyang the previous year. Now, the question is whether bringing the two life insurers to Woori Financial will help the perennial No. 4 player better compete with its bigger rivals, including KB, Shinhan, and Hana. "Woori Financial Group, which became Korea's first financial holding company in April 2001, announced that it has once again completed a full-service financial group structure encompassing banking, securities, insurance, and credit cards," Woori Financial Chairman Yim Jong-yong said in a statement. "Today marks a major step forward in our journey to emerge as a top-tier financial group again," he said. "We will deliver innovation for both our customers and shareholders by creating synergies across various areas like bancassurance, asset management, and the AI transformation." Unlike the industry norm, Woori Financial lacked a diverse business portfolio, as it has mostly depended on the banking industry. In particular, it did not have presence in the brokerage and insurance businesses. Woori Financial established a securities affiliate last year and now has added Tongyang and ABL. Their combined assets amount to $40 billion, which is enough to place them among the top five life insurance firms in the country. ABL and Tongyang are also expected to boost the bottom line of Woori Financial. Last year, ABL netted $77 million in profit, up 14.9% from 2023, while Tongyang's net income reached $228 million, up 17.1%. Combined, they accounted for 13.1% of Woori Financial's overall profit. Observers point out that Woori Financial is finally ready to go head-to-head with bigger players. "Woori has a set of tasks to rise to the top of Korea's financial powerhouse league and one of them was to complete its business portfolio. The group finished the job this time, and that means something," Seoul-based consultancy Leaders Index CEO Park Ju-gun told UPI. "However, the business portfolio itself is not enough. Woori needs to come up with something differentiated from other players, like success in overseas markets or innovative services," he said. Economic commentator Kim Kyeong-joon, formerly vice chairman at Deloitte Consulting Korea, concurred. "The banking industry is lucrative, but does not have strong growth potential. That's why domestic financial groups have sought growth opportunities in the brokerage and insurance sectors," Kim said in a phone interview. "As Woori has entered the two segments, it can now compete on a level playing field. To nudge past its bigger rivals, however, it should do more like introducing out-of-the-box services," he said. Suh Yong-gu, an economics professor from Sookmyung Women's University in Seoul, urged Woori to go global in a more proactive way. "Korean financial corporations have failed to make their presence felt in the overseas market. As the domestic market reaches saturation, they should go global to keep growing," Suh said. "For instance, Woori may concentrate on the so-called Global South markets, including India, Indonesia and Brazil, where the financial sectors are growing rapidly. It may partner with local outfits there to ensure more stable growth," he said. In 2023, Woori Financial's flagship unit, Woori Bank, set a goal of expanding the share of its global revenue by 10% to 25% through 2030. Yet, its net profits from 11 overseas branches fell 21% in 2023 and another 7.9% in 2024 year-on-year. Among the 11 countries, Woori Bank has prioritized Indonesia, Vietnam and Cambodia. Notably, Bank Woori Saudara in Indonesia plays a central role in its global strategy. Woori invested $192 million in the Indonesian lender last year to raise its stake from 84.2% to 90.7%.
Korea Herald
18-06-2025
- Business
- Korea Herald
Woori Financial takes cue from aging Japan
A think tank under South Korea's financial service provider Woori Financial Group published a book Wednesday exploring how Japan adapted to aging demographics, redefined its financial and corporate landscape and what lessons Korea can draw from the transformation. Titled The Great Shift in Japan's Economy (tentative translation), the book is the result of a yearlong research project conducted by the Woori Finance Research Institute, which included in-person interviews and case studies, looking into the country's corporate culture reforms, digital innovations and changed role of financial institutions. "While initiatives such as the shareholder return policy were effective, the success of the Japanese financial institutions' value-up strategy was mainly driven by their global business," Woori Finance Research Institute CEO Park Jung-hoon said at a press conference held at the bank's headquarters in central Seoul, Wednesday. In the book, the think tank delved into the global expansion of Japan's three major financial firms, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group. Struggling with the Japanese central bank's prolonged monetary easing, the three firms altered in their business targets, setting their sights on global operations. As a result, their overseas operating profits surged fivefold between 2006 and 2023. Earnings from overseas operations took up roughly 50 percent of the total operating profits for the firms in 2023,more than three times what they did in 2006 — 15 percent. "It took over 10 years for the Japanese finance firms to bear fruit in their global operations. Korean financial companies have to continuously strengthen their global competitiveness in a long-term perspective,' Park said. Taking a hint from Japan and its aging society, Woori Financial plans to bolster its senior-targeted operations, too. Having gained the green light from the authorities to acquire Tongyang Life and ABL Life, the finance group is to officially incorporate the insurers into its portfolio in July. "With the acquisition of the insurers, Woori Financial is looking into how the group can offer senior-targeted financial services. We are studying Japanese cases through business trips, visiting nursing homes, and meeting experts. Woori Finance Research Institute will continue to study how the group can encompass seniors in its business, as it is a meaningful agenda on a national level,' Park said.
