Founded in 2003 by Sinar Mas and CT Corp, Mega Life provides an array of personal, group and unit-linked life insurance products through 17 branch offices in the country.
Sinar Mas Group managing director Gandhi Sulistiyanto was quoted by the Wall Street Journal as saying that the size of the stake sale has not been determined yet.
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As per the information available on Mega Life’s website, it is ‘one of the leading health and life insurance providers with 1 million policies issued’ in the country.
Both Indonesian companies plan to tap the maximum advantage of the growing interest of foreign investors in Southeast Asian insurance market, the news agency reported.
Many global insurance conglomerates are looking to expand the promising insurance market of Southeast Asia, to mitigate the negative effect of the sluggish business development in the domestic market.
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