FWD Life Indonesia has completed its previously announced acquisition of Commonwealth Life, the Indonesian life insurance arm of Commonwealth Bank of Australia (CBA).
The move is in line with CBA’s strategy to offload its stakes in non-core businesses.
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Financial details of the transaction have not been made public.
FWD Life has now rebranded the newly acquired insurance business to FWD Insurance Indonesia.
FWD Life CEO Anantharaman Sridharan said: “I look forward to growing our Indonesian business through long-term investment and we strive to deliver innovative products and a leading customer experience that meets the evolving needs of today’s increasingly technologically-enabled customers.”
FWD Group CEO Huynh Phong said: “Indonesia is a priority market for FWD as we see huge potential for us to change the way people feel about insurance in this highly underpenetrated and rapidly growing market.”
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By GlobalDataExisting customers, distribution channels and insurance policies of FWD Insurance will not be affected by the acquisition.
The customers can continue to access the insurance products and services offered by the acquired business through their usual service channels.
In addition, FWD Insurance will ink a 15-year bancassurance partnership with Bank Commonwealth, the Indonesian banking arm of CBA.
CBA Indonesia CEO Lauren Sulistiawati said: “Providing our Indonesian customers with high-quality products and services is core to our purpose to improve the financial wellbeing of our customers.”
