PT Astra International and Aviva have joined hands to create a new 50-50 life insurance joint venture (JV) to sell and distribute life insurance products in Indonesia.
The Astra Aviva Life JV will enter into distribution arrangements with a number of the Astra group companies, including PermataBank.
The new JV will provide life insurance products and services through an array of digital, agency and partner channels.
Astra International president director Prijono Sugiarto said that Astra Aviva Life has the potential to become a leader in Indonesia.
"Leveraging Aviva’s insurance expertise, Astra Aviva Life aims to create significant long-term value for its customers, employees and stakeholders.
"This joint venture is in line with Astra’s strategy to continue to expand and diversify, entering new business areas in which we believe we can create a market-leading business underpinned by our values and management philosophy," Sugiarto added.
Established in 1957, Astra serves more than 10 million customers per year through six business segments, including automotive, financial services, heavy equipment & mining, agribusiness, infrastructure & logistics, and information technology.