Marking its entry into Indonesia’s life
insurance market, Aviva has acquired a 60% take in Asuransi
Winterthur Life Indonesia (AWL), a unit of Indonesian general
insurer Asuransi Wahana Tata (AWT). No financial details of the
deal which includes the formation of a distribution partnership
with AWT were disclosed.
AWL was established in 1990 as a joint venture
between AWT and Swiss insurer Winterthur and was excluded from
French insurer Axa’s acquisition of Winterthur from Credit Suisse
in 2006.
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AWL provides life, health, accident, and travel
insurance products to retail and corporate customers. The insurer
ranks among Indonesia’s top-three health insurers and has a 6%
share of the country’s financial institutions’ pensions market.
Distribution is primarily through employee
benefit consultants, brokers and non-exclusive bancassurance
channels.
At the end of 2008, AWL reported total assets
of IDR275bn ($23m) and pension assets under management of IDR760bn.
AWL will be renamed Asuransi Aviva Indonesia.
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