Tongyang Life Insurance has become a wholly owned subsidiary of Woori Financial Group. With the share swap now complete, the group is expected to accelerate its reorganization of its insurance business and expand synergies across its financial operations. Tongyang Life said on the 11th that it had completed a comprehensive share swap with Woori Financial Group and had been folded in as a wholly owned subsidiary of the group.

Woori Financial became Tongyang Life's largest shareholder last year when it acquired a 75.34% stake previously held by China's Dajia Insurance Group. Woori Financial and Tongyang Life signed a comprehensive share swap agreement in April this year, and the swap was completed on the 11th after clearing regulatory approval and a shareholder vote. The move completes Woori Financial's overhaul of Tongyang Life's governance structure. Analysts say this simplifies decision-making while allowing the group to pursue business strategies more quickly. Tongyang Life will end roughly 17 years as a listed company since its debut on the main board in 2009.

The company plans to complete its delisting later this month and operate as a fully owned subsidiary of Woori Financial. Tongyang Life said the full acquisition would cut management costs associated with duplicate listings and improve operating efficiency.

It also plans to ramp up synergies across the group by working with Woori Financial affiliates to expand its customer base in banking, cards and securities, and to strengthen the competitiveness of its products and services. "By combining Woori Financial Group's competitiveness in integrated finance with Tongyang Life's insurance expertise, we will secure new growth engines and establish ourselves as a core affiliate that delivers greater value to customers," said Tongyang Life CEO Sung Dae-kyu.