Great Eastern General Insurance, a subsidiary of Singapore-based Great Eastern Holdings, has wrapped up the previously announced takeover of PT QBE General Insurance Indonesia.

The deal, which was valued at approximately $28m, was originally announced in December last year.

Great Eastern General Insurance acquired the stake from QBE Asia Pacific and QBE Insurance (International).

As a result of the transaction, 95% of the shares are now held by Great Eastern General Insurance, while the remaining 5% by PT Suryasono Sentosa.

Commenting on the transaction, Great Eastern Holdings group CEO Khor Hock Seng said: “Indonesia is a growth engine for the Great Eastern Group and presents exciting opportunities.

“The addition of the general insurance business fits in with our business strategy to further grow our business and footprint in a country which has the largest and fastest growing economy and the largest population in ASEAN with over 260 million.

“Together with our life subsidiary PT Great Eastern Life Indonesia and our partners, including Bank OCBC NISP, we look forward to providing a comprehensive suite of both general and life insurance solutions to better serve the needs of the business community and consumers in Indonesia.”

Established in 1908, Great Eastern had nearly S$85bn in assets and serves more than over four million policyholders.

Great Eastern Group manages it business in Indonesia and Brunei and also maintains its presence in China. It also has a representative office in Myanmar.