Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2024

Commission File Number: 001-31811

Woori Financial Group Inc.

(Translation of registrant’s name into English)

51, Sogong-ro, Jung-gu, Seoul, 04632, Korea

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Acquisition of Shares of ABL Life Insurance Co., Ltd.

On August 28, 2024, the Board of Directors of Woori Financial Group Inc. (“Woori Financial Group”) passed a resolution to acquire the shares of ABL Life Insurance Co., Ltd. (“ABL Life Insurance”) to incorporate it as a subsidiary of Woori Financial Group. The key details of the acquisition are as follows:

•

Number of shares to be acquired : 3,106,736

•

Scheduled acquisition date : To be determined (Subject to the date of obtaining approval from the regulatory authorities, among others)

•

Purchase price (KRW) : 265,361,855,440

•

Ratio of purchase price to total equity of Woori Financial Group: 0.79%, based on Woori Financial Group’s total consolidated equity of KRW 33,397,489,875,071 as of December 31, 2023.

•

Method of the acquisition: Cash payment

•

Purpose of share acquisition : To strengthen the competitiveness of Woori Financial Group (through participation in the management of ABL Life Insurance)

•

Total number of shares to be owned by Woori Financial Group following the acquisition: 3,106,736 (representing 100.0% of ABL Life Insurance’s total issued shares)

•

Other material information:

•

The type of shares Woori Financial Group is planning to acquire are registered common shares.

•

Key financial data of ABL Life Insurance (based on the consolidated financial statements of ABL Life Insurance for FY2023, FY2022 and FY2021)


	(in millions of Won)
	Total Assets		Total Liabilities		Total Equity		Capital		Revenue**		Net Income (Loss)
FY2023*		17,400,889		16,302,361		1,098,528		15,534		2,260,028		79,919
FY2022		19,367,851		18,530,754		837,097		15,534		3,128,760		(28,908	)
FY2021		20,516,339		19,013,650		1,502,689		15,534		2,858,825		52,559

*	K-IFRS No. 1109 and No. 1117 have been applied since FY2023

**	The revenue for FY2023 represents the sum of its insurance operating revenue and investment operating revenue, while the revenues for FY2022 and FY2021 represent their respective operating revenues.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.