| Aviva announces entry into Indonesian market |
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18/03/2010 13:56 (695 Day 08:53 minutes ago) | |||||
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The FINANCIAL -- Aviva plc (“Aviva”) on March 18 announces its entry into the Indonesian insurance market through a joint venture agreement with PT Asuransi Wahana Tata.
Aviva is acquiring a 60% share in PT Asuransi Winterthur Life Indonesia (“WLI”), which has gross assets of £15 million** (275 billion IDR as at 31 Dec 2008) and which manages pension fund assets totaling £42 million (760 billion IDR as at 31 Dec 2008). WLI will be renamed PT Asuransi Aviva Indonesia.
According to Aviva, the partnership will give customers in Indonesia access to Aviva’s wide range of insurance products and underwriting expertise. WLI is a top three health insurance provider in Indonesia, and has a 6% share in the Indonesian financial institutions’ pensions market. It offers a broad range of life, health insurance and pension products and operates predominately through employee benefit consultants, brokers and non-exclusive bancassurance channels.
Simon Machell, chief executive, Aviva Asia Pacific said: “We are excited by the potential offered by the Indonesian insurance market and the growth prospects offered by this partnership. 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.”
Rudy Wanandi, chairman of PT Asuransi Winterthur Life Indonesia, said: “We are happy to have found in Aviva a partner that shares our strategic priorities – profitable growth in the long term, a disciplined and focused approach and the ambition to reach out to the Indonesian people and offer them peace of mind through our range of product offerings.”
This agreement is subject to approval by the Indonesian regulators.
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