Zurich Insurance Group has completed its acquisition of an 80% stake in PT Asuransi Adira Dinamika Tbk (Adira Insurance).
According to a statement by Zurich, the stake was purchased from Bank Danamon Indonesia and a minority investor, resulting in the creation of the largest property & casualty (P&C) insurer in Indonesia.
The transaction also includes two separate long-term distribution agreements with Bank Danamon and PT Adira Dinamika Multi Finance Tbk (Adira Finance). The former also remains a minority shareholder in Adira Insurance.
The deal, announced in September, is worth IDR6.15 trillion (around US$414 million), with potential future incremental payments subject to business performance.
“This transaction is fully aligned with our growth strategy in Indonesia,” said Chris Bendl, country manager for Zurich Indonesia and president director of PT Zurich Topas Life. “As the largest international P&C insurer, we are in a great position to play an active role in the continued development of Indonesia’s insurance industry. Through Adira Insurance and our other Zurich businesses including our life company, we are committed to helping our customers manage their risks and achieve financial success in the long term.”