6-K

Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2020

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 ofprincipal 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  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

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Index

1.	Summary of 2019 Business Report
-	For the Audit Reports of Woori Financial Group for Fiscal Year 2019, please refer to the exhibits to theForm 6-K furnished to the U.S. Securities and Exchange Commission on March 17, 2020.
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Summaryof 2019 Business Report

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I.	Introduction of the Company			5
	1	Overview of the Company		5
	2	Capital Structure (Changes in Capital)	7
	3	Total Number of Authorized Shares	7
	4	Voting Rights	8
	5	Dividend Information	8
II.	Business Overview			9
	1	Results of Operations	9
	2	Funding Sources and Uses of Funds	9
	3	Other Information Necessary for Making Investment Decisions	11
III.	Financial Information			15
	1	Condensed Financial Statements (Consolidated)	15
	2	Condensed Financial Statements (Separate)	17
IV.	Independent Auditor’s Opinion			19
	1	Independent Auditor’s Opinion	19
	2	Compensation to the Independent Auditor for the Past Three Years	19
V.	Corporate Governance and Affiliated Companies			21
	1	About the Board of Directors	21
	2	Affiliated Companies	22
VI.	Shareholder Information			23
	1	Share Distribution	23
	2	Stock Price and Stock Market Performance	24
VII.	Directors and Employee Information			26
	1	Directors and Executives	26
	2	Employee Status	27
	3	Directors’ Compensation		27

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Except where indicated otherwise, financial information contained in this document (including the attached financial statements) has been prepared in accordance with the Korean equivalent of International Financial Reporting Standards (“Korean IFRS”), which differ in certain important respects from generally accepted accounting principles in the United States.

All references to “Woori Financial Group” “we,” “us” or the “Company” are to Woori Financial Group Inc. and, unless the context requires otherwise, its subsidiaries. In addition, all references to “Won” or “KRW” in this document are to the currency of the Republic of Korea.

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I.	Introduction of the Company
1.	Overview of the Company
---	---
a.	History
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January 11, 2019	Establishment of the Company pursuant to a comprehensive stock transfer, by which Woori Bank, Woori FIS, Woori Finance Research Institute, Woori Credit Information, Woori Fund Services and Woori Private Equity Asset Management<br>became wholly-owned subsidiaries of the Company.
---	---
February 13, 2019	Listed on the Korea Exchange (KRX).
April 5, 2019	Entered into share purchase agreements to acquire Tongyang Asset Management Corp. and ABL Global Asset Management Co., Ltd.
June 21, 2019	Entered into a purchase agreement with Woori Bank to acquire the common shares of Woori Investment Bank Co., Ltd. (“Woori Investment Bank”) and integrate Woori Investment Bank as a first-tier subsidiary of the Company<br>(Buyer: Woori Financial Group, Seller: Woori Bank)
July 3, 2019	Entered into a stock exchange agreement between the Company and Woori Card Co., Ltd (“Woori Card”) to integrate Woori Card as a first-tier subsidiary of the Company
July 25, 2019	Entered into a share purchase agreement to acquire Kukje Asset Trust, Ltd.
August 1, 2019	Integrated Woori Asset Management Corp. (formerly known as Tongyang Asset Management Co., Ltd.) as a first-tier subsidiary of the Company.
September 10, 2019	Integrated Woori Card and Woori Investment Bank as first-tier subsidiaries of the Company.
September 26, 2019	Disposed 4% of common shares of the Company held by Woori Bank to a Taiwanese company, Fubon Life Insurance Co., Ltd.
December 6, 2019	Integrated Woori Global Asset Management Corp. as a first-tier subsidiary of the Company
December 30, 2019	Integrated Woori Asset Trust Ltd., as a first-tier subsidiary of the Company

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b.	Affiliated Companies
(1)	Overview of Business Group
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1.	Name of business group: Woori Financial Group Inc.
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(2)	Affiliated companies within the business group
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As of December 31, 2019

Type	Name of Company	(Controlling Company)
Company	Woori Financial Group	—
First^^Tier Subsidiaries<br><br><br>(11 companies)	Woori Bank (equity ownership 100.0%)	Woori Financial Group
	Woori Card (equity ownership 100.0%)
	Woori Investment Bank (equity ownership 59.83%)
	Woori FIS (equity ownership 100.0%)
	Woori Finance Research Institute (equity ownership 100.0%)
	Woori Credit Information (equity ownership 100.0%)
	Woori Fund Services (equity ownership 100.0%)
	Woori Asset Trust (equity ownership 51.0)%
	Woori Asset Management (equity ownership 73.0%)
	Woori Private Equity Asset Management (equity ownership 100.0%)
	Woori Global Asset Management (equity ownership 100.0%)
Second^^Tier Subsidiaries<br><br><br>(16 companies)	Korea BTL Infrastructure Fund (equity ownership 99.88%)	Woori Bank
	Woori America Bank (equity ownership 100.0%)
	Woori Bank China Limited (equity ownership 100.0%)
	PT. Bank Woori Saudara Indonesia (equity ownership 79.88%)
	AO Woori Bank (equity ownership 100.0%—1 share)
	Banco Woori Bank do Brazil S.A. (equity ownership 100.0%—1 share)
	Woori Finance Cambodia Plc (equity ownership 100.0%)
	WB Finance Co., Ltd (Cambodia) (equity ownership 100.0%)
	Woori Finance Myanmar (equity ownership 100.0%)
	Woori Wealth Development Bank (equity ownership 51%)
	Woori Bank Vietnam Limited (equity ownership 100.0%)
	Woori Bank Europe Gmbh (equity ownership 100.0%)
	Woori Global Markets Asia Limited (equity ownership 100.0%)
	Tutu Finance-WCI Myanmar (equity ownership 100.0%)	Woori Card
	Woori-Hanwha Eureka Private Equity Fund (equity ownership 0.80%)	Woori Private Equity<br><br><br>Asset Management
	Woori Smart Finance Industry No.1 Private Equity Fund (equity ownership 2.14%)
Note 1)	Listed Companies : Woori Financial Group, Woori Investment Bank and PT. Bank Woori Saudara Indonesia
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2.	Capital Structure (Changes in Capital)
As of December 31, 2019	(units: Won, shares)
---	---
Date	Category			Stock Decrease/Increase
---	---	---	---	---	---	---	---	---	---	---	---	---
			Type		Quantity		Par Value		Issue price		Note
January 11, 2019		—		Common		680,164,306		5,000		26,415		Establishment<br> <br>(comprehensive stock<br>transfer)
September 10, 2019		—		Common		42,103,377		5,000		12,350		Comprehensive stock exchange<br> <br>Stock increase<br>ratio: 6.19018%
Note 1)	Due to Woori Financial Group’s establishment through a comprehensive stock transfer, the issue price was calculated by dividing the total equity from its financial statements at the time of establishment (KRW<br>17,966,458,911,689) by the total number of issued shares (680,164,306).
---	---
Note 2)	Our capital in 3Q changed due to the comprehensive stock exchange. The issue price is based on the closing stock price of the comprehensive stock exchange date.
3.	Total Number of Authorized Shares
---	---
As of December 31, 2019	(unit: shares)
---	---
Items	Type				Notes
---	---	---	---	---	---	---	---
	Common Shares		Total
Number of authorized shares		4,000,000,000		4,000,000,000		Note 1	)
Number of issued shares		722,267,683		722,267,683
Number of treasury shares		2		2		Note 2	)
Number of outstanding shares		722,267,681		722,267,681
Note 1)	New common shares of 42,103,377 were issued on September 10, 2019 due to the small scale stock exchange between Woori Financial Group and Woori Card.
---	---
Note 2)	Acquired from the issuance of fractional shares

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4.	Voting Rights
As of December 31, 2019	(unit: shares)
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Items		Number ofshares		Notes
---	---	---	---	---	---	---
Number of issued shares	Common Shares		722,267,683		—
	Preferred Shares		—		—
Number of shares without voting rights	Common Shares		2		Note 1	)
	Preferred Shares		—		—
Number of shares for which voting rights are excluded pursuant to the articles of<br>incorporation	Common Shares		—		—
	Preferred Shares		—		—
Number of shares for which voting rights are limited by law	Common Shares		11,669,295		Note 2	)
	Preferred Shares		—		—
Number of shares for which voting rights have been restored	Common Shares		—		—
	Preferred Shares		—		—
Number of shares for which voting rights may be exercised	Common Shares		710,598,388		—
	Preferred Shares		—		—
Note 1)	Acquired treasury shares from the issuance of fractional shares (based on Article 369 of the Commercial Act).
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Note 2)	Pursuant to Article 8-2 of the Financial Holding Company Act, a non-financial business operator is restricted from exercising voting rights in excess of 4% of the total number of<br>outstanding voting shares of a financial holding company.
5.	Dividend Information
---	---

Woori Financial Group was established on January 11, 2019.

Items		2019		2018		2017
Par value per share (Won)			5,000		—		—
Net profit (Millions of Won)			1,872,207		—		—
Earnings per share (Won)			2,727
Total cash dividends (Millions of Won)			505,587		—		—
Total stock dividends (Millions of Won)			—		—		—
Cash dividend payout ratio (%)			27.00		—		—
Cash dividend yield (%)	Common Shares		5.8		—		—
	Preferred Shares		—		—		—
Stock dividend yield (%)	Common Shares		—		—		—
	Preferred Shares		—		—		—
Cash dividend per share (Won)	Common Shares		700		—		—
	Preferred Shares		—		—		—
Stock dividend per share (Share)	Common Shares		—		—		—
	Preferred Shares		—		—		—

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II.	Business Overview
1.	Results of Operations
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As of December 31, 2019	(unit: billions of Won)
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Type	2019		2018		2017
---	---	---	---	---	---	---
Operating income		2,800		—		—
Non-operating income		-77		—		—
Income from continuing operations before income tax		2,723		—		—
Income tax expense from continuing operations		685		—		—
Income from discontinued operations		—		—		—
Net income		2,038		—		—
Controlling Interest		1,872
Non-controlling Interest		165
Note 1)	Based on K-IFRS consolidated financial statements
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2.	Funding Sources and Uses of Funds
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a.	Sources of Funds
---	---
For the periods indicated other than as noted below	(units: millions of Won, %)
---	---
Classification	Funding Source			2019
---	---	---	---	---	---	---	---	---	---
			Average Balance			Interest Rate		Proportion
Source		Deposits			249,106,401		1.51		71.14
		Borrowings			18,013,074		1.92		5.14
		Debentures			30,401,987		2.56		8.68
		Others			28,928,780		—		8.26
		Total Liabilities			326,449,882		—		93.23
Total Equity					23,703,431		—		6.77
Total Liabilities & Equity					350,153,313		—		100.00
Note 1)	Average Balance: average of balances as of March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019.
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Note 2)	Based on K-IFRS consolidated financial statements

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b.	Use of Funds
For the periods indicated other than as noted below	(units: millions of Won, %)
---	---
Type	Managed Item	2019
---	---	---	---	---	---	---	---
		AverageBalance		InterestRate		Proportion
Use	Cash & Due from Banks		9,202,054		1.55		2.63
	Marketable securities		50,396,362		2.29		14.39
	Loans		254,691,201		3.48		72.74
	Loans in local currency		219,418,214		3.22		62.66
	Loans in foreign currency		20,982,894		4.59		5.99
	Guarantee payments		12,410		1.48		0.00
	Credit card receivables		8,139,789		7.98		2.32
	Foreign bills bought		6,137,894		2.96		1.75
	Bad debt expense in local currency (-)		-1,666,215		—		-0.48
	Other		37,529,911		—		10.72
Total Assets			350,153,313		—		100.00
Note 1)	Average Balance: average of balances as of March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019.
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Note 2)	Based on K-IFRS consolidated financial statements

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3.	Other Information Necessary for Making Investment Decisions
a.	Selected Ratios
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Group BIS Capital Adequacy Ratios

As of the end of the period indicated	(units: billions of Won, % )
Type	2019
---	---
Equity capital (A)	27,115
Risk weighted assets (B)	228,046
BIS (Capital adequacy) ratio (A/B)	11.89%
Note 1)	BIS (Bank for International Settlements) Capital Adequacy Ratios : Equity capital / Risk weighted assets * 100
---	---
Note 2)	Based on K-IFRS consolidated financial statements and Basel III standards

Figures of Affiliated Companies

As of the end of the periods indicated	(units: 100 millions of Won, %)
Name of Company	Type		2019		2018		2017
---	---	---	---	---	---	---	---	---
Woori Bank	BIS ratio	Equity capital (A)		243,142		242,508		226,032
		Risk weighted assets (B)		1,578,895		1,549,710		1,467,622
		Capital adequacy ratio (A/B)		15.40		15.65		15.40
Woori Card	Adjusted capital ratio			18.33		18.08		20.74
	Tangible common equity ratio			14.29		13.54		14.98
Woori Investment Bank	BIS ratio	Equity capital (A)		3,381		3,003		2,713
		Risk weighted assets (B)		26,303		23,192		16,202
		Capital adequacy ratio (A/B)		12.86		12.95		16.74
Woori Asset Trust	Operating capital ratio			1,397.97		957.76		698.59
Woori Asset Management	Minimum operating capital ratio			655.8		558.9		514.7
Note 1)	BIS (Bank for International Settlements) Capital Adequacy Ratio : Equity capital / Risk weighted assets * 100
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Note 2)	Figures for Woori Bank are based on K-IFRS consolidated financial statements and Basel III standards
Note 3)	Figures for Woori Card are based on the applicable standards for business reports submitted to the Financial Supervisory Service
Note 4)	Figures for Woori Investment Bank are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS consolidated financial statements
Note 5)	Figures for Woori Asset Trust are based on K-IFRS separate financial statements
Note 6)	Figures for Woori Asset Management are based on K-IFRS separate financial statements

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Won Liquidity Ratios

As of the end of the periods indicated	(units: millions of Won, %)
Type	2019						2018						2017
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	WonLiquidityAssets		WonLiquidityLiabilities		WonLiquidityRatio		WonLiquidityAssets		WonLiquidityLiabilities		WonLiquidityRatio		WonLiquidityAssets		WonLiquidityLiabilities		WonLiquidityRatio
Woori Financial Group<br>Note 1)		45,079		7,475		603.1		—						—
Woori Card<br><br><br>Note 2)		5,976,031		1,407,335		424.6		6,055,752		1,349,874		448.6		5,464,987		950,142		575.2
Woori Investment Bank<br><br><br>Note 2)		1,671,823		1,118,318		149.5		1,183,476		444,475		266.3		835,264		503,719		165.8
Woori Asset Trust<br><br><br>Note 2)		67,555		14,595		462.9		61,161		9,411		649.9		61,180		36,798		166.3
Note 1)	Woori Financial Group : based on current assets and liabilities within one month of maturity
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Note 2)	Woori Card, Woori Investment Bank, Woori Asset Trust : based on current assets and liabilities within 90 days of maturity

Foreign Currency (FC) Liquidity Ratios

As of the end of the periods indicated	(units: millions of Won, %)
Type	2019						2018						2017
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	FCLiquidityAssets		FCLiquidityLiabilities		FCLiquidityRatio		FCLiquidityAssets		FCLiquidityLiabilities		FCLiquidityRatio		FCLiquidityAssets		FCLiquidityLiabilities		FCLiquidityRatio
Woori Investment Bank<br><br><br>Note 1)		38,111		34,734		109.7		82,633		78,104		105.8		194,394		190,082		102.3
Note 1)	Based on current assets and liabilities within three months of maturity.
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Liquidity Coverage Ratios

(unit: %)
Name of Company	Type	2019		2018		2017
---	---	---	---	---	---	---	---
Woori Bank	Liquidity coverage ratio Note 1)		107.27		103.40		102.06
	Foreign currency liquidity coverage ratio Note 2)		110.50		108.98		103.11
	Ratio of business purpose premises and equipment		12.22		12.34		13.49
Note 1)	Method of calculation based on business disclosure (average of daily ratios for business days in a quarter), applicable periods are 2019 4Q, 2018 4Q and 2017 4Q
---	---
Note 2)	Implemented starting from January 2017 (2018 guideline 70%, increased 10% annually; current minimum ratio is 80% in 2019); method of calculation of average LCR based on business disclosure

Applicable periods are 2019 4Q, 2018 4Q and 2017 4Q; monthly foreign currency liquidity coverage ratio for current quarter : October: 113.59%, November: 105.65%, December: 112.48%

Profitability Ratios

(unit: %)
Type	2019				2018				2017
---	---	---	---	---	---	---	---	---	---	---	---	---
	ROA		ROE		ROA		ROE		ROA		ROE
Woori Financial Group Note 1, 2)
Including non-controlling interests		0.57		10.11		—				—
Excluding non-controlling interests		0.52		9.29		—				—
Woori Bank Note3)		0.55		8.36		0.60		8.82		0.44		6.45
Woori Card Note3)		0.90		5.05		0.72		4.00		0.51		2.60
Woori Investment Bank Note3)		1.69		13.66		1.30		10.49		1.19		11.25
Woori Asset Trust Note4)		25.2		37.6		28.3		48.8		27.9		53.1
Woori Asset Management		7.41		7.77		6.06		6.32		7.65		8.05
Note 1)	On an annualized basis based on the applicable standards for financial holding company business reports submitted to the Financial Supervisory Service
---	---
Note 2)	Average balances of assets and equity: average of balances as of March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019
Note 3)	Based on the applicable standards for business reports submitted to the Financial Supervisory Service
Note 4)	Consolidated basis : Net income including non-controlling interests, Total assets and total equity are average balances of end of December 2018, March 2019, June 2019, September 2019 and<br>December 2019.

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Group Asset Quality

(units: billions of Won , %)
Type	2019		2018		2017
---	---	---	---	---	---	---
Total loans		266,432		—		—
Substandard and below loans		1,198		—		—
Substandard and below ratio		0.45		—		—
Non-Performing Loans		1,068		—		—
NPL Ratio		0.40		—		—
Substandard and below coverage ratio (A/B)		133.6		—		—
Loan Loss reserve (A)		1,600		—		—
Substandard and below loans (B)		1,198		—		—
Note 1)	Based on the applicable standards for financial holding company business reports submitted to the Financial Supervisory Service
---	---

Asset Quality for Significant Subsidiaries and Consolidated Companies

(units: %)
Type	2019						2018						2017
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Substandardand belowratio		NPLratio		Substandardand belowcoverageratio		Substandardand belowratio		NPLratio		Substandardand belowcoverageratio		Substandardand belowratio		NPLratio		Substandardand belowcoverageratio
Woori Bank		0.40		0.36		121.80		0.51		0.43		119.42		0.83		0.78		87.71
Woori Card		0.80		—		102.84		0.80		—		104.02		0.79		—		102.74
Woori Investment Bank		0.49		0.21		167.39		1.51		1.49		51.21		1.88		2.24		45.81
Woori Asset Trust		37.51		—		—		10.52		—		—		4.21		—		—
Note 1)	Based on the applicable standards for company business reports submitted to the Financial Supervisory Service
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III.	Financial Information
1.	Condensed Financial Statements (Consolidated)
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Summary Consolidated Statement of Financial Position

(The Company and its Consolidated Subsidiaries, as of the end of the periods<br>indicated)	(unit: millions of Won)
Classification	2019			2018
---	---	---	---	---	---	---
ASSETS
Cash and cash equivalents		6,392,566			6,747,894
Financial assets at fair value through profit or loss (“FVTPL”)		8,069,144			6,126,316
Financial assets at fair value through other comprehensive income		27,730,531			18,063,423
Securities at amortized cost		20,320,539			22,932,559
Loans and other financial assets at amortized cost		293,717,693			282,457,578
Investments in joint ventures and associates		806,360			361,766
Investment properties		280,239			378,196
Premises and equipment		3,364,716			2,450,492
Intangible assets and goodwill		844,110			597,520
Assets held for sale		10,556			17,912
Net defined benefit asset		2,582			—
Current tax assets		47,367			20,730
Deferred tax assets		39,544			59,641
Derivative assets (designated for hedging)		121,131			35,503
Other assets		233,646			197,653
Total assets	****	361,980,724	****	****	340,447,183	****
LIABILITIES
Financial liabilities at FVTPL		2,958,302			2,282,686
Deposits due to customers		264,685,578			248,690,939
Borrowings		18,998,920			16,202,986
Debentures		30,858,055			28,735,862
Provisions		443,980			391,313
Net defined benefit liability		92,470			173,109
Current tax liabilities		182,690			159,078
Deferred tax liabilities		134,322			18,156
Derivative liabilities (designated for hedging)		6,837			51,408
Other financial liabilities		17,706,767			21,442,524
Other liabilities		420,471			346,078
Total liabilities	****	336,488,392	****	****	318,494,139	****
EQUITY
Owners’ equity:		21,510,370			21,739,931
Capital stock		3,611,338			3,381,392
Hybrid securities		997,544			3,161,963
Capital surplus		626,295			285,889
Other equity		(2,249,322	)		(2,213,970	)
Retained earnings		18,524,515			17,124,657
Non-controlling interests		3,436,658			213,113
Total equity	****	25,492,332	****	****	21,953,044	****
Total liabilities and equity	****	361,980,724	****	****	340,447,183	****
Number of Consolidated Subsidiaries (excluding holding company)	****	102	****	****	65	****

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Summary Consolidated Statement of Comprehensive Income

(The Company and its Consolidated Subsidiaries, for the periods indicated)	(unit: millions of Won, except per share amounts)
Classification	2019			2018
---	---	---	---	---	---	---
Operating income	****	2,799,976	****	****	2,759,301	****
Net interest income		5,893,706			5,650,951
Net fees and commissions income		1,102,628			1,069,974
Dividend income		107,959			90,552
Net gain or loss on financial instruments at FVTPL (fair value through profit or loss)		25,455			214,443
Net gain or loss on financial assets at FVTOCI		11,015			2,047
Net gain on disposals of financial assets at amortized cost		102,115			79,532
Impairment losses due to credit loss		(374,244	)		(329,574	)
General and administrative expenses		(3,766,077	)		(3,624,033	)
Other net operating income (expenses)		(302,581	)		(394,591	)
Non-operating income(expense)	****	(76,927	)	****	45,571	****
Net income before income tax expense	****	2,723,049	****	****	2,804,872	****
Income tax expense	****	(685,453	)	****	(753,223	)
Net income	****	2,037,596	****	****	2,051,649	****
Net income attributable to owners		1,872,207			2,033,182
Net income attributable to the non-controlling<br>interests		165,389			18,467
Other comprehensive income (loss), net of tax	****	51,782	****	****	(92,236	)
Items that will not be reclassified to profit or loss		(92,777	)		(115,384	)
Items that may be reclassified to profit or loss		144,559			23,148
Total comprehensive income	****	2,089,378	****	****	1,959,413	****
Comprehensive income attributable to the owners		1,914,393			1,943,885
Comprehensive income attributable to non-controlling<br>interests		174,985			15,528
Net income per share:
Basic and diluted loss per share (in Korean Won)		2,727			2,796

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2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position

(The Company, as of the end of the period indicated)	(unit: millions of Won)
Classification	2019
---	---	---	---
ASSETS
Cash and cash equivalents		43,670
Financial assets at fair value through profit or loss		9,434
Loans and other financial assets at amortized cost		1,269,203
Investments in subsidiaries		19,873,593
Premises and equipment		7,383
Intangible assets		3,310
Total assets	****	21,206,593	****
LIABILITIES
Debentures		947,679
Provisions		600
Net defined benefit liability		3,482
Current tax liabilities		133,526
Deferred tax liabilities		154
Other financial liabilities		10,745
Other liabilities		4,142
Total liabilities	****	1.100,328	****
EQUITY
Capital stock		3,611,338
Hybrid security		997,544
Capital surplus		14,874,084
Other equity		(631	)
Retained Earnings<br><br><br>(Regulatory reserve for credit loss has no balance.<br><br><br>Regulatory reserve for credit loss to be reserved is 692 million Won.<br><br><br>Planned provision of regulatory reserve for credit loss is 692 million Won)		623,930
Total equity	****	20,106,265	****
Total liabilities and equity	****	21,206,593	****

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Summary Statement of Comprehensive Income

(The Company, for the period indicated)	(unit: millions of Won, except per share amounts)
Classification	2019
---	---	---	---
Operating Income:	****	629,437	****
Net interest income		40
Interest income		7,741
Interest expense		(7,701	)
Net fees and commissions loss		(15,833	)
Fees and commissions income		—
Fees and commissions expense		(15,833	)
Dividend income		676,000
Net gain on financial instruments at FVTPL		9,434
Impairment losses due to credit loss		(263	)
General and administrative expenses		(39,941	)
Non-operating loss	****	(750	)
Net other non-operating loss		(750	)
Net Income before income tax expense	****	628,687	****
Income tax expense	****	(394	)
Net Income	****	628,293	****
Other comprehensive loss, net of tax	****	(631	)
Items that will not be reclassified to profit or loss	****	(631	)
Remeasurement of the net defined benefit liability	****	(631	)
Total comprehensive Income	****	627,662	****
Net Income per share:
Basic and diluted Income per share (In Korean Won)		900

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IV.	Independent Auditor’s Opinion
1.	Independent Auditor’s Opinion
---	---
	2019	2018		2017
---	---	---	---	---	---
Auditor	Deloitte Anjin LLC		—		—
Auditor’s Opinion	Note 1)		—		—
Note 1)	In its review report attached to this report, Deloitte Anjin LLC has stated that nothing had come to their attention that caused them to believe that the accompanying consolidated and separate interim financial statements of<br>Woori Financial Group are not presented fairly in all material respects, in accordance with Korean IFRS.
---	---
2.	Compensation to the Independent Auditor for the Past Three Years
---	---
a.	Audit Services
---	---
Term	Auditor	Description	Fee		Total Time
---	---	---	---	---	---
2019	Deloitte Anjin LLC	Closing audit (including internal accounting management system)		KRW 752 million	10,849 hours<br><br><br>Note 1)
		Interim audit			7,074 hours<br><br><br>Note 1)
		3Q review			6,095 hours<br><br><br>Note 1)
		1H review			2,591 hours<br><br><br>Note 1)
		1Q review			856 hours<br><br><br>Note 1)
2018	—	—		—	—
2017	—	—		—	—
Note 1)	Total time includes planning time up until the commencement of the applicable services
---	---
b.	Other Audit Services
---	---
Term	Auditor	Description	Fee
---	---	---	---
2019	Deloitte Anjin LLC	Auditing services provided in connection with the submission of a holding company establishment report to the Fair Trade Commission	KRW 67 million

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c.	Current Status of Audit Service Agreements with the Independent Auditor Relating to U.S. Listing
Term	Auditor	Description	Fee
---	---	---	---
2019	Deloitte Anjin LLC	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting	KRW 1,873 million
d.	Non-Audit Services
---	---
Term	Date ofExecution ofAgreement	Description of Service	Service Term	Fees
---	---	---	---	---
2019	April 18, 2019	Tax adjustment (including review relating to application of consolidated tax)	April 18, 2019 ~ May 31, 2020	KRW 88 million
	May 14, 2019	Issuance of agreed-upon procedure report relating to asset management company establishment registration submitted to the Financial Supervisory Service	May 14, 2019 ~ May 31, 2020	KRW 18 million

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V.	Corporate Governance and Affiliated Companies
1.	About the Board of Directors
---	---
a.	Composition of the Board of Directors
---	---

The board of directors consists of standing directors, outside directors and non-standing directors.

b.	Committees under the Board of Directors

We currently have the following committees serving under the board of directors:

(a)	Audit Committee
(b)	Board Risk Management Committee
---	---
(c)	Compensation Committee
---	---
(d)	Committee for Recommending Executive Officer Candidates
---	---
(e)	Committee for Recommending Group Executive Officer Candidates
---	---
(As of December 31, 2019)
---
Name of Committee	Composition	Names of Members
---	---	---
Audit Committee	Three outside directors	(Chairman) Chan-Hyoung Chung (outside director)<br><br><br>Sung-Tae Ro (outside director)<br><br><br>Dong-Woo Chang (outside director)
Board Risk Management Committee	Two outside directors<br> <br>One non-standing director	(Chairman) Sang-Yong Park (outside director)<br><br><br>Zhiping Tian (outside director)<br> <br>Chang-Sik Bae (non-standing director)
Compensation Committee	Five outside directors<br> <br>One non-standing director	(Chairman) Chan-Hyoung Chung (outside director)<br><br><br>Sung-Tae Ro (outside director)<br><br><br>Sang-Yong Park (outside director)<br> <br>Zhiping Tian (outside<br>director)<br> <br>Dong-Woo Chang (outside director)<br><br><br>Chang-Sik Bae (non-standing director)
Committee for Recommending Executive Officer Candidates	Five outside directors	(Chairman) Dong-Woo Chang (outside director)<br><br><br>Sung-Tae Ro (outside director)<br><br><br>Sang-Yong Park (outside director)<br> <br>Chan-Hyoung Chung (outside<br>director)<br> <br>Zhiping Tian (outside director)
Committee for Recommending Group Executive Officer Candidates	One standing director<br> <br>Five outside<br>directors	(Chairman) Tae-Seung Son (standing director)<br> <br>Sung-Tae Ro (outside director)<br> <br>Sang-Yong Park (outside director)<br><br><br>Chan-Hyoung Chung (outside director)<br> <br>Zhiping Tian (outside<br>director)<br> <br>Dong-Woo Chang (outside director)

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2.	Affiliated Companies (As of December 31, 2019)

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VI.	Shareholder Information
1.	Share Distribution
---	---
a.	Share Information of the Largest Shareholder and Specially Related Parties
---	---
As of December 31, 2019	(units: shares, %)
---	---
Name	Relation	Type	Shares Held								Notes
---	---	---	---	---	---	---	---	---	---	---	---
			Beginning balance				Ending balance
			Number		Share		Number		Share
Korea Deposit Insurance Corporation (KDIC)	Largest<br> <br>Shareholder	Common		124,604,797		18.32		124,604,797		17.25	Note 1)
Total		Common		124,604,797		18.32		124,604,797		17.25
		Others		—		—		—		—
Note 1)	Refer to ‘b. Changes in the largest shareholder’ for changes in the number and percentage of shares held by the KDIC
---	---
b.	Changes in the largest shareholder
---	---
As of December 31, 2019	(units: shares, %)
---	---
Change of Date	Largest Shareholder	Number Held		Share		Notes
---	---	---	---	---	---	---
January 11, 2019	Korea Deposit Insurance Corporation		124,604,797		18.32	Comprehensive Stock Transfer<br> <br>(Woori<br>Financial Group) Note 1)
September 10, 2019	Korea Deposit Insurance Corporation		124,604,797		17.25	Issuance of new common shares (42,103,377 shares) Note 2)
Note 1)	Woori Financial Group was established pursuant to a comprehensive stock transfer of Woori Bank and five other companies, and the KDIC received new shares of Woori Financial Group in accordance with the stock transfer<br>ratio.
---	---
*	transfer ratio Woori Bank : Woori Financial Group = 1: 1.0000000
Note 2)	Small scale stock exchange between Woori Financial Group and Woori Card.

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c.	Share Ownership of More Than 5%
As of December 31, 2019	(units: shares, %)
---	---
	Name	Shares				Notes
---	---	---	---	---	---	---
		No. of shares		Percentage of shareholding
Share ownership of more than 5%	Korea Deposit Insurance Corporation		124,604,797		17.25	—
	National Pension Service		62,341,705		8.63
	Nobis1, Inc. (IMM PE)		40,560,000		5.62	—
Employee Stock Ownership Association			47,149,546		6.53	—
Note 1)	Percentage of shareholding is calculated by the total issued shares of 722,267,683
---	---
2.	Stock Price and Stock Market Performance
---	---
a.	Domestic Stock Market
---	---
(units: Won, shares)
---
Period		July<br>2019		August<br>2019		September<br>2019		October<br>2019		November<br>2019		December<br>2019
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Common Shares	High		14,050		13,100		12,600		12,600		12,400		12,250
	Low		13,050		11,200		11,900		11,200		11,700		11,350
	Average		13,754		11,833		12,329		11,969		12,074		11,753
Monthly Trade Volume	High		1,553,930		2,245,704		30,155,427		3,462,956		15,109,269		2,953,576
	Low		282,197		569,768		700,538		804,460		581,586		971,068
	Monthly Total		17,103,076		23,378,670		51,949,623		31,894,887		38,663,771		34,263,254
Note 1)	Source: KRX KOSPI Market
---	---
Note 2)	Share prices are based on closing prices.

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b.	Foreign Stock Market (NYSE)
(units: US Dollars, Won, ADSs)
---
Period		July<br>2019		August<br>2019		September<br>2019		October<br>2019		November<br>2019		December<br>2019
---	---	---	---	---	---	---	---	---	---	---	---	---	---
ADS	High		36.68		32.32		31.76		32.08		32.19		32.12
	Low		32.67		27.62		29.31		28.78		30.05		28.75
	Average		35.16		29.21		30.91		30.39		31.24		30.28
Won Conversion	High		42,416		38,199		37,838		37,706		37,675		37,297
	Low		38,661		33,666		35,520		34,383		35,437		34,192
	Average		41,328		35,317		37,017		35,984		36,471		35,603
Monthly Trade Volume	High		37,200		101,800		94,200		59,700		57,500		64,100
	Low		9,500		22,800		14,300		6,500		6,700		17,900
	Monthly Total		498,200		1,002,700		618,100		536,100		380,900		764,900
Note 1)	Source: standard trading rate (daily and monthly average) (Seoul Money Brokerage, www.smbs.biz)
---	---
Note 2)	One ADS represents three common shares.
Note 3)	Share prices are based on closing prices.

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VII.	Directors and Employee Information
1.	Directors and Executives
---	---
As of March 30, 2020
---
Position		Name	CommonSharesOwned		Term<br><br><br>Commencement Date	Expiration of Term
---	---	---	---	---	---	---
Chief Executive Officer	Registered	Tae-Seung Son		50,296	January 11, 2019 ~	Note 1)
Outside Director	Registered	Sung-Tae Ro		5,000	January 11, 2019 ~	Note 2)
Outside Director	Registered	Sang-Yong Park		1,000	January 11, 2019 ~	Note 2)
Outside Director	Registered	Chan-Hyoung Chung		10,532	January 11, 2019 ~	Note 2)
Outside Director	Registered	Zhiping Tian		—	January 11, 2019 ~	Note 2)
Outside Director	Registered	Dong-Woo Chang		—	January 11, 2019 ~	Note 2)
Outside Director	Registered	Dennis Chan		—	March 25, 2020 ~	Note 3)
Non-standing Director	Registered	Hong-Tae Kim		—	March 25, 2020 ~	Note 3)
Deputy President	Registered	Won-Duk Lee		18,500	March 25, 2020 ~	Note 2)
Deputy President	Non-Registered	Jeong-Ki Kim		2,000	February 11, 2020 ~	December 31, 2020
Deputy President	Non-Registered	Dong-Su Choi		15,738	January 11, 2019 ~	December 31, 2020
Deputy President	Non-Registered	Kyong-Hoon Park		16,000	January 11, 2019 ~	December 31, 2020
Deputy President	Non-Registered	Myung-Hyuk Shin		3,000	February 11, 2020 ~	December 31, 2020
Deputy President	Non-Registered	Jin-Ho Noh		3,000	February 28, 2019 ~	December 31, 2020
Senior Managing Director	Non-Registered	Kyu-Mok Hwang		13,239	January 11, 2019 ~	January 10, 2021
Senior Managing Director	Non-Registered	Seok-Tae Lee		14,857	January 11, 2019 ~	December 31, 2020
Senior Managing Director	Non-Registered	Seok-Young Chung		18,951	January 11, 2019 ~	January 10, 2021
Managing Director	Non-Registered	Shin-Kook Kang		2,000	February 11, 2020 ~	December 31, 2021
Managing Director	Non-Registered	Gyu-Soon Hwang		2,000	February 11, 2020 ~	December 31, 2021
Managing Director	Non-Registered	Jongil Park		2,000	February 11, 2020 ~	December 31, 2021
Managing Director	Non-Registered	Byoung-Kwon Woo		2,500	February 11, 2020 ~	February 10, 2022
Managing Director	Non-Registered	Sung-Wook Lee		5,000	February 11, 2020 ~	December 31, 2021
Note 1)	Date of the 2023 annual general meeting of shareholders
---	---
Note 2)	Date of the 2021 annual general meeting of shareholders
Note 3)	Date of the 2022 annual general meeting of shareholders
Note 4)	Common shares owned are as of the date of submission of this report
Note 5)	Common shares owned by executives exclude shares owned through the Employee Stock Ownership Association.

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Table of Contents

2.	Employee Status
As of December 31, 2019	(units: persons, millions of Won)
---	---
	Number of Employees										Average<br><br><br>Tenure	TotalCompensation		AverageCompensation<br>Per Person		Note
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Regular				Contract				Total
	Total		(Short timeworker)		Total		(Short timeworker)
Total		130		—		29		—		159	11 months (14 years 6 months)		15,023		122		—
Note 1)	Average tenure commenced on January 11, 2019, the date of the establishment of Woori Financial Group
---	---
Note 2)	36 employees concurrently employed by affiliated companies are included in the number of employees but are excluded from average tenure, total compensation and average compensation per person
Note 3)	Average tenure: term in (    ) includes tenure at affiliated companies
Note 4)	Contract employees include non-registered executives
3.	Directors’ Compensation
---	---
As of December 31, 2019	(units: persons, millions of Won)
---	---
Items	Number ofPersons		TotalCompensation		AverageCompensation<br>Per Director		Note
---	---	---	---	---	---	---	---	---
Registered Directors<br><br><br>(excludes outside directors and audit committee members)		2		762		381		—
Outside Directors<br><br><br>(excludes audit committee members)		2		132		66		—
Audit Committee Members		3		149		50		—
Auditor		—		—		—		—
Note 1)	Registered employees and audit committee members include uncompensated directors
---	---
Note 2)	Only the compensation amount paid by Woori Financial Group is included for the four executives concurrently employed by Woori Bank

27

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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.

	Woori Financial Group Inc.
	(Registrant)
Date: March 30, 2020	By:	/s/ Kyong-Hoon Park
	(Signature)
	Name: Kyong-Hoon Park
	Title: Deputy President

28