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Daily Insurance Industry News
Thursday 21st of June 2018
June 7, 2010

Zurich enters Indonesian life assurance market

by Gill Montia

Story link: Zurich enters Indonesian life assurance market

Zurich enters Indonesian life assurance market

Zurich Insurance Company Ltd has agreed to acquire 80% of PT Mayapada Life, an Indonesian life assurer focused on the distribution of group and individual life and health plans.

The purchase is being made from the Mayapada Group, which operates across various sectors including financial services, healthcare, media and energy, and will continue to hold the remaining 20% of the stock.

Headquartered in Jakarta, PT Mayapada Life recorded gross written premiums of $1.7 million in 2009, having operated mainly through tied agents.

According to Zurich, Indonesia boasts one of the fastest-growing life assurance markets in Asia, and the group is therefore proposing to enter into a long-term distribution agreement with Mayapada Bank to gain access to the country’s bancassurance sector.

Zurich’s global life chief executive officer, Mario Greco, comments: “The acquisition of Mayapada Life is a first step in Zurich Life’s expansion plans in Indonesia.”

He adds: “The Mayapada Group will be a strong local partner as we seek to build key relationships to grow our business in the Asia Pacific region.”

Subject to the approval of the relevant regulatory authorities, the transaction is expected to close in the third quarter of 2010.

 

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