Aviva enters Indonesian insurance market with joint venture
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Aviva has entered the Indonesian insurance market after acquiring a 60 per cent stake in PT Asuransi Winterthur Life Indonesia.
The joint venture is in tandem with PT Asuransi Wahana Tata and will see WLI, which has gross assets of £15m and pension fund assets totalling £42m, renamed PT Asuransi Aviva Indonesia.
WLI is currently a top three provider of health insurance in Indonesia. The firm also has a 6 per cent share in the Indonesian financial institutions’ pensions market. The business works primarily with employee benefit consultants, brokers and non-exclusive banassurance channels.
Aviva Asia Pacific chief executive Simon Machell says: “”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.”
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