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Daily Insurance Industry News
Monday 20th of May 2019
November 1, 2010

Zurich completes Mayapada acquisition and invests in New China Life

by Gill Montia

Story link: Zurich completes Mayapada acquisition and invests in New China Life

Zurich completes Mayapada acquisition and invests in New China Life

Zurich Financial Services has announced that its subsidiary, Zurich Insurance Company Ltd, has completed the acquisition of 80% of PT Mayapada Life from the Mayapada Group, which will continue to hold 20% of the company.

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

The transaction should allow Zurich to establish its presence in the Indonesian life insurance market, which is one of the fastest growing in Asia.

Separately, Zurich revealed last week that it has signed an agreement to participate in a private share subscription and capital increase programme in respect of New China Life Insurance (NCI).

Zurich will make an investment of up to $420 million to maintain its current 20% stake in NCI, saying its participation in the share issue “reflects our belief that China’s fast-growing insurance sector represents an attractive investment opportunity”.

According to the insurer, the Chinese government has expressed a clear intent to further develop the country’s insurance market and NCI is well-positioned in the life market.

 

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