Great Eastern General Insurance, a subsidiary of Singapore-based Great Eastern Holdings, has wrapped up the previously announced takeover of PT QBE General Insurance Indonesia.

The deal, which was valued at approximately $28m, was originally announced in December last year.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Great Eastern General Insurance acquired the stake from QBE Asia Pacific and QBE Insurance (International).

As a result of the transaction, 95% of the shares are now held by Great Eastern General Insurance, while the remaining 5% by PT Suryasono Sentosa.

Commenting on the transaction, Great Eastern Holdings group CEO Khor Hock Seng said: “Indonesia is a growth engine for the Great Eastern Group and presents exciting opportunities.

“The addition of the general insurance business fits in with our business strategy to further grow our business and footprint in a country which has the largest and fastest growing economy and the largest population in ASEAN with over 260 million.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Together with our life subsidiary PT Great Eastern Life Indonesia and our partners, including Bank OCBC NISP, we look forward to providing a comprehensive suite of both general and life insurance solutions to better serve the needs of the business community and consumers in Indonesia.”

Established in 1908, Great Eastern had nearly S$85bn in assets and serves more than over four million policyholders.

Great Eastern Group manages it business in Indonesia and Brunei and also maintains its presence in China. It also has a representative office in Myanmar.