Aviva announces entry into Indonesian market
18 Mar 2010
- Aviva acquires a 60% stake in PT Asuransi Winterthur Life Indonesia
- Indonesia is one of the fastest growing life insurance markets in Asia
- Combines Aviva’s strong product expertise and brand with PT Asuransi Winterthur Life Indonesia’s existing distribution
- Consistent with Aviva’s long term strategy to build a presence in key markets in South East Asia as part of the group’s diversified footprint.
Aviva plc (“Aviva”) today announces its entry into the Indonesian insurance market through a joint venture agreement with PT Asuransi Wahana Tata. Aviva is acquiring a 60% share in PT Asuransi Winterthur Life Indonesia (“WLI”), which has gross assets of £15 million** (275 billion IDR as at 31 Dec 2008) and which manages pension fund assets totalling £42 million (760 billion IDR as at 31 Dec 2008). WLI will be renamed PT Asuransi Aviva Indonesia.
The partnership will give customers in Indonesia access to Aviva’s wide range of insurance products and underwriting expertise. WLI is a top three health insurance provider in Indonesia, and has a 6% share in the Indonesian financial institutions’ pensions market. It offers a broad range of life, health insurance and pension products and operates predominately through employee benefit consultants, brokers and non-exclusive bancassurance channels.
Simon Machell, chief executive, Aviva Asia Pacific said: “We are excited by the potential offered by the Indonesian insurance market and the growth prospects offered by this partnership. It is another step in our strategy to build a competitive presence in key markets in Asia to ensure that we benefit from the region’s long term potential.”
Rudy Wanandi, chairman of PT Asuransi Winterthur Life Indonesia, said: “We are happy to have found in Aviva a partner that shares our strategic priorities – profitable growth in the long term, a disciplined and focused approach and the ambition to reach out to the Indonesian people and offer them peace of mind through our range of product offerings.”
This agreement is subject to approval by the Indonesian regulators.
Andrew Reid, head of group media relations
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Hayley Stimpson, external affairs director
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Rashmi Gautam, senior group media relations manager
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James Murgatroyd/Nick Woodruff, Finsbury
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Stephenie Vasko, head of communications
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Charles Barrows, investor relations director
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Jonathan Price, head of investor relations
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Notes to editors:
About Aviva plc
- Aviva is the world’s fifth largest* insurance group, serving 53 million customers across Europe, North America and Asia Pacific
- Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £45.1 billion and funds under management of £379 billion at 31 December 2009
- Aviva Asia Pacific currently operates in China, Hong Kong, India, Malaysia, Singapore, South Korea, Sri Lanka and Taiwan comprising both joint venture arrangements and wholly owned businesses
- In 2009 Asia Pacific accounted for 4% of Aviva’s total life and pensions sales
- We are the largest insurance services provider in the UK and one of the leading providers of life and pensions products in Europe
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive
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* based on gross worldwide premiums at 31 December 2008
** reported locally by WLI and converted at an exchange rate at 31 December 2008 of 18270 IDR to a British Pound
About PT Asuransi Winterthur Life Indonesia
- Winterthur Life Indonesia is a provider of corporate, group life and health and individual insurance products owned and operated by the Wahana Tata insurance group.
- Winterthur Life Indonesia was established in 1990 as a joint venture between Winterthur Life Switzerland’s worldwide operations, PT. Asuransi Wahana Tata, one of the leading general insurance companies in Indonesia and PT. Ekamulia Catrapratama.
- It is ranked among the top three for health insurance and top five for DPLK pensions with a market share of 6%.