By Andrew Tjaardstra, Insurance Asia News | October 23, 2018<\/p>\n
FWD Group has agreed to acquire Commonwealth Bank of Australia\u2019s 80% stake in Indonesian life insurer PT Commonwealth Life for around A$426 million (US$300 million).<\/p>\n
<\/p>\n
As part of the agreement FWD will enter into a 15-year life insurance distribution partnership with CBA\u2019s Indonesian banking business PT Bank Commonwealth. FWD will also contribute additional payments based on performance.<\/p>\n
Huynh Thanh Phong, FWD\u2019s group chief executive, commented, \u201cThis is another exciting milestone in our journey to become a leading pan-Asian insurer that changes the way people feel about insurance.\u201d<\/p>\n
\u201cThis acquisition will complement our existing business in Indonesia, providing new opportunities to continue to build our customer-led technology-driven strategy to embrace the enormous long-term growth potential in the Indonesian insurance market.\u201d<\/p>\n
FWD first entered the Indonesian market through PT FWD Life Indonesia, a joint-venture insurance company launched in 2015.<\/p>\n
When the transaction is completed FWD plans to rename and rebrand the business and to honour all existing policyholders; meanwhile it is business as usual.<\/p>\n
The move is part of a recent pattern of selling life insurance assets by CBA; it has agreed to sell its businesses in Australia and New Zealand to AIA, and its stake in China\u2019s BoComm to Mitsui Sumitimo. CBA expects a post tax gain of A$140 million from the Indonesian sale.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Andrew Tjaardstra, Insurance Asia News | October 23, 2018 FWD Group has agreed to acquire Commonwealth Bank of Australia\u2019s 80% stake in Indonesian life insurer PT Commonwealth Life for around A$426 million (US$300 million).<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11,10,3],"tags":[],"class_list":["post-135","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-hk","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/comments?post=135"}],"version-history":[{"count":1,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/135\/revisions"}],"predecessor-version":[{"id":136,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/posts\/135\/revisions\/136"}],"wp:attachment":[{"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/media?parent=135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/categories?post=135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurance.vincent-chen.com\/en\/wp-json\/wp\/v2\/tags?post=135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}