The Korea Federation of Banks (KFB) and six other financial associations held a pan-finance New Year’s reception at Lotte Hotel in Sogong-dong, Seoul, on Jan. 5.
Approximately 500 key figures from the Korean financial sector attended the event, including Financial Services Commission Chairman Lee Eok-won, Vice Minister of Economy and Finance Lee Hyung-il and KFB Chairman Cho Yong-byeong.
The 35th Dasan Financial Awards was also held following the New Year’s reception.
“The Korean economy ought to take a great leap forward by rebounding its potential growth rate and overcoming polarization in the New Year of 2026,” said Deputy Prime Minister and Minister of Strategy and Finance Koo Yoon-cheol in his New Year’s address delivered by Vice Minister Lee during the reception.
“We will fully implement productive finance by diverting capital flows to cutting-edge strategic industries, venture capital and startups, and the capital market. We will strengthen tax incentives for venture capital and capital for innovative companies.”
The Gold Prize in the insurance category went to Tongyang Life Insurance during the 35th Dasan Financial Awards.
“Although it has not been long since Tongyang Life Insurance was incorporated into Woori Financial Group, I am delighted that our efforts to secure our company’s financial soundness have been recognized,” said Sung Dai-gou, CEO of Tongyang Life Insurance.
“Now that we believe we have laid the foundation for a leap forward in growth, we will focus not only on financial soundness but on strengthening consumer protection, one of the most important values of insurers.”
Since its incorporation into Woori Financial Group in July of last year, Tongyang Life Insurance has been seeking to take a leap forward under its financial holding company structure.
Sung took office as CEO upon its incorporation into Woori Financial Group and prioritized strengthening financial soundness by pursuing company-wide structural improvements.
As of the end of last year, Tongyang Life Insurance’s assets were approximately 35 trillion won, ranking it sixth among life insurance companies in Korea.
The company has recently been restructuring its portfolio to focus on protection insurance, thereby enhancing the stability of its earnings structure.
Furthermore, as a result of capital expansion and asset-liability management (ALM) strategies, Tongyang Life Insurance’s Korea-Insurance Capital Standard (K-ICS) ratio significantly improved, from 126.8% at the end of the first quarter of 2025 to 173.6% at the end of the third quarter.
With the added stability of the incorporation of Woori Financial Group, coupled with soundness improvement efforts, Tongyang Life Insurance’s credit rating for insurance claims payment ability was upgraded to AA+.
Tongyang Life Insurance has a robust multi-channel sales system. Centered around approximately 1,600 sales agents, various channels, including corporate insurance agencies (GAs), bancassurance and its subsidiary operate organically, creating a balanced revenue structure.
The company has also taken steps to establish a balanced leadership structure by promoting employees in their early 30s to sales managers.
Tongyang Life Insurance explains that this strategy broadens the leadership base by building on the stable operational capabilities of experienced leaders in their 40s and 50s while also providing new opportunities for the younger generation.
It is also achieving significant results in implementing inclusive finance and protecting financial consumers.
These include preferential interest rates on insurance contract loans for seniors and premium customers, the Direct Connection Service for seniors over 60, and the Sign Language Service for customers with hearing or speech impairments.
Last year, the company provided financial education to approximately 1,140 elementary and middle school students.
To combat insurance fraud, Tongyang Life Insurance has upgraded its Claims Risk Detection System (CRDS).
This has improved fraud detection efficiency by 63% and increased the automatic review rate from 22% to 45%, enabling half of claims to be paid within five minutes.
As a result of these ongoing financial consumer protection initiatives, the life insurer recently received a new Consumer Centered Management (CCM) certification from the Korean Fair Trade Commission.
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