Woori Financial Group said Tuesday it will officially kick off the integration of Tongyang Life Insurance and ABL Life Insurance, aiming to launch an integrated life insurer with total assets of about 55 trillion won ($39 billion) in the second half of 2027. The group said the integration is part of efforts to strengthen its insurance business as one of its key pillars and launch a larger insurer amid a rapidly changing insurance market. Woori Financial brought both Tongyang and ABL under its wing in July and made Tongyang a wholly owned subsidiary through a comprehensive share swap on Aug. 11. The group plans to combine the two insurers' strengths while focusing on capital soundness and contract service margin, a key measure of the future profitability of insurance contracts, the company said. It also plans to invest in artifical intelligence to streamline sales and management operations, while drawing on the strengths of both insurers to enhance its products and distribution channels. Following the merger, it will explore new growth opportunities in areas such as senior care amid Korea'