Aviva plc, the world’s fifth largest insurance companies entered the Indonesian insurance market. It marked the signing of a joint venture agreement with PT Asuransi Wahana Tata.
Aviva acquires 60 percent stake in PT Asuransi Winterthur Life Indonesia (WLI), which has assets (gross) worth 15 million pounds or approximately USD 275 billion as of December 31, 2008. WLI managing pension fund assets of £ 42 million or Rp 760 billion. Furthermore, WLI will change its name to Aviva Insurance Company of Indonesia.
Cooperation with insurance spacecraft controlled by the Tata family Wanandi will help customers in Indonesia get a variety of insurance products from Aviva and expertise in conducting risk insurance services (underwriting) insurance.
WLI is one of three companies health insurance providers in Indonesia, holds 6 percent market share of pension funds managed by financial institutions in Indonesia. WLI offers a variety of insurance products, health and pensions products.
Simon Machell, chief executive of Aviva’s Asia Pacific said “We are pleased to see the potential of the Indonesian insurance market and business growth prospects of this cooperation. This is our strategy to build a competitive existence in key Asian markets, while ensuring could benefit from long-term potential. ”
Rudy Wanandi, Chairman of PT Asuransi Winterthur Life Indonesia, is also pleased to be admitted Aviva business partners who have similar priorities in terms of strategic long-term business growth of profitable, business approach and strict discipline, and strong commitment to the community.
Aviva is now serving 53 million customers in Europe, America and Asia Pacific. Aviva Asia Pacific is now operating in China, Hong Kong, India, Malaysia, Singapore, South Korea, Sri Lanka and Taiwan.
This cooperation agreement will be effective after approval from the Indonesian Government.