Tongyang Life Insurance and Woori Financial Group Integration Meeting

Tongyang Life Insurance recently held a shareholder meeting in Seoul to discuss its integration as a wholly owned subsidiary of Woori Financial Group. This meeting, following an initial session in May, aimed to elucidate the stock swap process and ensure shareholder protection. Key discussions centered on regulatory compliance requirements for stock exchange and shareholder queries regarding discrepancy in major stakeholder acquisition costs.

During the session, calculations for the exchange ratio were explained, with distinctions made between the stock swap and major stake acquisitions. The swap process, aligned with capital market regulations, will unfold after Woori Financial Group secures complete management control. To address concerns regarding shareholder equity dilution, Tongyang Life plans to cancel treasury shares, thereby preventing the issuance of new shares and any potential confusion over compliance.

The meeting also acknowledged the lack of dividend payments due to insufficient profits in recent years, while the company promised improved shareholder returns post-integration. An additional plan for verification of the exchange ratio was mentioned, aiming to provide transparency and build trust among stakeholders. This will be detailed in the upcoming amended disclosure report, contributing to comprehensive risk management and strategic financial oversight.