Dongyang Life Dividend Restriction and Financial Deterioration... Woori Financial Group Risks Highlighted
Dongyang Life cannot pay dividends due to insufficient distributable profits (-1,544.3 billion won); no dividends since IFRS17 adoption.
Dongyang Life K-ICS ratio 179.8% (below industry average), 9.1%p drop if rates fall 100bp, ROE 3.7%, net profit down 60.4%.
Woori Financial Group plans 200 billion won share buyback/cancellation and DPS growth of 10%+ (positive) but faces 1,032 lawsuits (926.9 billion won) and Woori Card fine of 134.5 billion won.
Woori Bank improper loans of 73 billion won, personal data leak fine, ongoing investigation by Financial Services Commission.
Mandatory basic capital ratio of 50% by 2027; Dongyang Life's basic capital ratio dropped to 33.8%.
Interest rate rise of 100bp reduces net income by 155.3 billion won; high sensitivity to stock price changes.
With-profit insurance policy liabilities of 2.85 trillion won, overseas bond issuance of USD 500 million increase financial burden.