Hanwha Life Insurance Indonesia has announced that it plans to go public in 2019, with one-fifth of its shares being put up for sale through an initial public offering.
According to Hanwha Life Insurance Indonesia CEO Hyun Jung-seop, the IPO is part of the company’s efforts to comply with the Financial Service Authority’s 80% limit on foreign ownership of insurance companies.
Through the IPO, the company “hopes to increase transparency and integrated supervision that involves the public. Then, it will result in healthy growth,” said Hyun during a business launch in Jakarta. He also added that the company will give local partners an opportunity to buy shares.
To grow the brand’s value, Hanwha will embark on a marketing and advertising campaign, as well as double the number of agents and release new products.
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“We want to be [among] the top 10 insurers in Indonesia in 2020,” Hyun said.
Parent firm Hanwha Life of South Korea has provided IDR1.72 trillion (US$129.7 million) in funding, resulting in the Indonesian unit’s total assets growing by 435%, from IDR397 billion (US$29 million) in 2015 to IDR2.2 trillion (US$164 million) in 2016.
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