Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori) covers the month of April 2008. The report discloses the inclusion of Woori Aviva Life Insurance Co., Ltd. ("Woori Aviva Life") as a subsidiary effective April 4, 2008, following the acquisition of a majority equity stake.
Key Financial Metrics
The filing provides summary financial data for Woori Aviva Life as of June 30, 2007, rather than current period results for the parent company.
| Metric | Value (Won in millions) |
|---|---|
| Total Assets | 1,352,472 |
| Total Liabilities | 1,299,284 |
| Shareholder's Equity | 53,188 |
| Capital | 30,000 |
| Acquisition Price | 75,535 |
Woori acquired 3,060,000 shares, representing 51% of total shares. The acquisition price represented 0.49% of Woori's total assets.
Material Changes
The primary material change is the expansion of Woori's subsidiary structure:
- First-tier subsidiaries increased from 10 to 11.
- Total subsidiaries increased from 31 to 32.
- Woori Aviva Life, engaged in life, casualty, and illness insurance as well as pension plans, is now consolidated.
Outlook, Risks, and Management Commentary
The filing does not provide forward-looking guidance, management commentary on future performance, or specific risk factors beyond the disclosure of the acquisition itself. The document serves strictly as a notification of the change in corporate structure and subsidiary inclusion.
Investor Verification Checklist
- Verify the integration timeline and operational impact of Woori Aviva Life on Woori's consolidated financial statements.
- Confirm the pro-forma financial impact of the acquisition given the purchase price of Won 75,535 million.
- Review the regulatory approvals required for the 51% stake acquisition in the Korean insurance sector.
- Assess the capital adequacy of Woori Aviva Life based on the June 30, 2007 equity position of Won 53,188 million.