Great Eastern will acquire the shares from QBE Asia Pacific and QBE Insurance (International).
QBE offers a range of insurance services to businesses, professionals as well as families in Indonesia.
Great Eastern group CEO Khor Hock Seng said: “The acquisition of QBE Indonesia is part of our broader business strategy to further build our general insurance operations into a significant business pillar for the Great Eastern Group and to deepen our footprint in Indonesia.
“QBE Indonesia is a strategic fit, providing us with the exciting opportunity to complement our existing life insurance presence in Indonesia. With this, we will be well-positioned to provide a comprehensive suite of both general and life insurance solutions to a country which has a fast growing economy and the largest population in South East Asia with over 260 million.”
The deal is expected to be wrapped up in the first half of next year, subject to regulatory nod.
Great Eastern said that the deal will not have a material impact on its net tangible assets or earnings per share this financial year.