Swiss insurer Zurich Financial Services
Group (Zurich) has taken its first tentative step into Indonesia’s
life insurance market with the purchase of an 80% stake in Mayapada
Life from Mayapada Group, an Indonesian conglomerate.
No financial details of the deal were
announced.
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Zurich’s CEO of Global Life Mario Greco said:
“The acquisition of Mayapada Life is a first step in Zurich Life’s
expansion plans in Indonesia.”
He added that Mayapada Group, which will retain
a 20% stake in Mayapada Life, will be “a strong local partner as we
seek to build key relationships to grow our business in the
Asia-Pacific region.”
Focused on group and individual life and health
products Mayapada Life recorded total premium income of $1.7m.
Distribution is through tied agents and
Mayapada Bank with which Zurich will establish a long-term
distribution agreement.
