The company acquired 80% stake of PT Multicorlife Insurance in Indonesia for $13m, in December 2012, as reported by The Jakarta Post.
The acquisition of PT Multicorlife Insurance, which provides a range of life insurance policies and services, was to secure a local business license, as Indonesian authorities do not allow new business for foreign companies.
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The acquired business was rebranded as Hanwha Life Insurance Indonesia. The company is considering to appoint 1,500 insurance agents, while securing 3,000 new insurance contracts worth IDR25bn ($2.25m) during 2014.
Hanwha Life global business division head Jae-hong Park was quoted by the news agency as saying, “Hanwha Life plans to strengthen its global business through its expansion to overseas markets.
“The firm plans to operate a fully-fledged business in October 2013 and plans to gain footholds in major cities in Indonesia, including the capital city of Jakarta, Surabaya and Medan in 2013.”
Hanwha Life Insurance Indonesia director and chief agency officer Hendra Thanwijaya was quoted by the news agency as saying that the company had targeted to control 1.5% of Indonesia’s insurance market to become one of the country’s top ten insurance companies in ten years time.
