FWD Group has completed its acquisition of a significant minority stake in PT Asuransi BRI Life, the insurance arm of Bank Rakyat Indonesia (BRI).
Following the investment, which was first announced in June 2020, BRI Life has entered into a long-term life insurance distribution agreement with BRI.
According to a statement by FWD, the investment and partnership will bring insurance to more customers in the highly underpenetrated, rapidly growing market of Indonesia. BRI Life will be able to leverage FWD’s digital infrastructure and expertise and help boost wider financial inclusion.
FWD also announced that BRI Life’s brand will remain unchanged and all existing customers’ policies will not be affected.
“This strategic investment is a clear signal of our confidence in, and commitment to, the Indonesian market where we see huge growth potential as one of Asia’s fastest-growing economies,” said Huynh Thanh Phong (pictured), FWD Group CEO. “We look forward to partnering with both BRI and BRI Life to deliver unique products and customer experiences that will change the way people feel about insurance in Indonesia.”
Established in 1895, BRI is a leading micro and consumer bank in Indonesia, leading the market in terms of total assets, loans, deposits and net profit. As of December 2020, it had more than 120 million customers.