This report does not constitute a rating action. HONG KONG (S&P Global Ratings) May 7, 2025--Woori Financial Group Inc. (WFG) should be able to meet the conditions for its proposed acquisition of two life insurers. In our view, WFG will maintain adequate capitalization and tighten internal controls, prerequisites set by the regulator for the deal. The recent approval of Korea-based WFG's acquisition of 75.34% of Tongyang Life Insurance Co. Ltd. and all of ABL Life Insurance Co. Ltd. hinges on the group's mid- to long-term capital management plan, which Korea's Financial Supervisory Service will review semiannually until the end of 2027. We believe WFG and Woori Bank, the group's dominant operating subsidiary, will remain highly committed to maintaining sound regulatory
