Great Eastern holdings announce the successful completion of the acquisition of PT QBE General Insurance Indonesia as part of its broader strategy of building its general insurance operations.
Great Eastern now owns 95% of the Indonesian company and the remaining 5% by PT Suryasono Sentosa. According to an earlier release in December 2018 the deal was valued around US $28mn.
Khor Hock Seng, group CEO of Great Eastern Holdings comments: “Indonesia is a growth engine for the Great Eastern Group and presents exciting opportunities. The addition of the general insurance business fits in with our business strategy to further grow our business and footprint in a country which has the largest and fastest growing economy and the largest population in ASEAN with over 260 million. Together with our life subsidiary PT Great Eastern Life Indonesia and our partners, including Bank OCBC NISP, we look forward to providing a comprehensive suite of both general and life insurance solutions to better serve the needs of the business community and consumers in Indonesia.”