Woori Financial Group Inc.

What they do

Woori Financial Group operates as a financial holding company whose banking, securities, asset management and insurance businesses generate interest income, fees and other gains. Its consolidated balance sheet includes Woori Bank and, from July 1, 2025, newly acquired subsidiaries Tongyang Life Insurance and ABL Life Insurance. The group also holds leasing, private equity and fund investments, some of which it deconsolidates because it acts as an agent or lacks decision-making power.

Revenue drivers

• Woori Bank — Core commercial bank that funds the group's net interest income and generates dividend distributions to the group; its hybrid securities were recognized as non-controlling interests of 1,645,947 million Won at end-2024 and 1,406,513 million Won at end-2025.
• Insurance subsidiaries — Tongyang Life Insurance and ABL Life Insurance were acquired on July 1, 2025 — 77.9% of Tongyang (excluding treasury shares; 75.3% including them) and 100% of ABL — adding insurance profit and non-controlling-interest dividend allocations of 10,995 million Won in 2025.
• Securities and asset management — Woori Investment Securities Co., Ltd. resulted from the 2024 merger of Korea Foss Securities and Woori Investment Bank, while Woori Asset Management Corp. was formed by the 2024 merger of Woori Asset Management and Woori Global Asset Management.
• Leasing and other income — Other income includes gains on disposal of operating lease assets of 255,943 million Won in 2024 and 372,606 million Won in 2025, and other expenses include lease depreciation of 629,079 million Won in 2025.

Recent performance

For 2010, Woori reported net income of $1.13 billion and diluted EPS of $1.41, with operating cash flow of $4.44 billion. At December 31, 2010, total assets were $241.41 billion, total liabilities $228.80 billion, shareholder equity $12.35 billion and cash and equivalents $14.11 billion. The 2026 filing shows materially later-period items, including the July 1, 2025 acquisitions of Tongyang Life Insurance and ABL Life Insurance. Lease-related results expanded, with gains on disposal of operating lease assets rising to 372,606 million Won in 2025 from 255,943 million Won in 2024, while lease depreciation reached 629,079 million Won in 2025.

Strategy

Management expanded insurance operations through the July 1, 2025 acquisition of 77.9% of Tongyang Life Insurance and 100% of ABL Life Insurance. In 2024 it consolidated two securities entities into Woori Investment Securities Co., Ltd. and merged two asset managers into Woori Asset Management Corp., simplifying the group's non-bank portfolio. The group continues to use derivative contracts to manage foreign-exchange and interest-rate risk, as described in Note 37. It also evaluates control over funds and structured entities and deconsolidates certain investments where it does not have power over the relevant activities.

Risks

• Complex fund consolidation — The group deconsolidates several investment funds despite holding more than 50% because it lacks power over relevant activities, which could change accounting outcomes if control assessments shift.
• Credit and financial guarantees — Financial guarantees rose to 5,032,808 million Won at December 31, 2025 from 4,156,790 million Won at December 31, 2024, exposing the group to potential losses on guaranteed obligations.
• FX and rate exposure — The group holds interest-rate and currency derivative contracts to manage volatility from foreign-exchange transactions, as described in Note 37.
• Hybrid and NCI distributions — Dividends on Woori Bank hybrid securities allocated to non-controlling interests were 76,249 million Won in 2024 and 89,134 million Won in 2025, and Tongyang hybrid dividends of 10,995 million Won were allocated in 2025.

Outlook

The filing does not provide quantitative earnings guidance. It discloses that the capital ratio at the end of the current period is provisional. The 2026 filing reflects the integration of Tongyang Life Insurance and ABL Life Insurance, and no specific forward targets or forecasts are stated in the excerpts.