Aviva enters Indonesian market
Aviva has broken into a new market with the acquisition of a 60% stake in PT Asuransi Winterthur Life Indonesia (WLI).
According to the insurer, Indonesia is one of the fastest growing life insurance markets in Asia, and the acquisition is consistent with the its long-term strategy to build a presence in key South East Asian markets.
WLI has gross assets of £15 million and manages pension fund assets totalling £42 million.
It is a top three health insurance provider in the country, and has a 6% share in the Indonesian financial institutions’ pensions market.
The firms offers a broad range of life, health and pension products, operating predominately through employee benefit consultants, brokers and non-exclusive bancassurance channels.
Aviva Asia Pacific chief executive, Simon Machell, says: “It is another step in our strategy to build a competitive presence in key markets in Asia to ensure that we benefit from the region’s long term potential.”
This agreement is subject to approval by Indonesian regulators, and following completion of the transaction, WLI will be renamed PT Asuransi Aviva Indonesia.
Category: Aviva News, Insurance News
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