Maybank’s Etiqa acquires Indonesian general insurer

Acquisition of 75% foreign stake line with “vision to be a leading regional insurance player”

Maybank’s Etiqa acquires Indonesian general insurer

Insurance News

By Gabriel Olano

Maybank’s insurance arm, Etiqa International Holdings Sdn Bhd, has acquired a 75% stake in Indonesian general insurer PT Asuransi Asoka Mas for MYR64.9 million (US$15.34 million).

In a filing with the Malaysian stock exchange, Maybank said that it has purchased 750 million shares from Asuransi Asoka’s parent company, PT Transpacific Mutualcapita, who will remain holding the final 25%.

“All relevant approvals including those from Bank Negara Malaysia and Otoritas Jasa Keuangan of Indonesia have been obtained,” the statement said.

“The acquisition is in line with Maybank Group’s insurance and takaful business vision to be a leading regional insurance player.”

Maybank added that the transaction is not expected to have a negative impact on the group’s earnings and net assets for the financial year 2017.

Related stories:
Etiqa expands personal accident cover for foreign domestic workers
Domestic insurer welcomes competition from foreign entities
Indonesia may seek to limit foreign ownership in insurance sector

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