Under the terms of the agreement, Dai-ichi Life Insurance Company will acquire new shares of PT Panin Life, an Indonesian Life Insurance Company, and PT Panin Internasional, its intermediate holding company. PT Panin Financial Tbk is the parent company of Panin Internasional and Panin Life.
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Subject to obtaining all relevant regulatory approvals, Panin Life will become an affiliate of the company. Panin Life mainly operates in Indonesia, and is a subsidiary of Panin Financial, a financial corporation, which also owns Panin Bank, as well as, other financial institutions.
Panin Life has a number of distribution channels such as agency, bancassurance, direct marketing and telemarketing, and by diversifying into other various sales channels; Panin Life has grown its underlying business performance in recent years.
Simultaneously, subject to obtaining relevant approvals from local authorities, Panin Life is also expected to enter into a long-term exclusive bancassurance agreement with Panin Bank.
The investment in Panin Life is based on the company’s core growth strategy to enhance overseas life insurance operations in the Asia Pacific region, following its existing businesses in Vietnam, India, Thailand and Australia.
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