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.
Go deeper with GlobalData
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.
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.
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
