Great Eastern Holdingsâ€™ wholly-owned subsidiary, Great Eastern General Insurance has acquired PT QBE General Insurance Indonesia (QBE Indonesia).
The transaction is expected to be completed in the first half of 2019, subject to regulatory approval from Otoritas Jasa Keuangan and the Monetary Authority of Singapore. Great Eastern said in a statement that QBE Indonesia has a rich history in the Indonesian general insurance market dating back more than 100 years, providing insurance solutions to businesses, professionals and families.
Khor Hock Seng, group CEO of Great Eastern Holdings said that the acquisition is part of the companyâ€™s broader business strategy to further build its general insurance operations into a significant business pillar for the Great Eastern Group, as well as to deepen its footprint in Indonesia.
According to Khor, Indonesiaâ€™s non-life insurance penetration rate is among the lowest in the region, as such increases the market potential for Great Eastern. In addition, the Great Eastern Group, as part of the OCBC Group, will be leveraging the Group synergy to create opportunities to better serve the community.
â€śQBE Indonesia is a strategic fit, providing us with the exciting opportunity to complement our existing life insurance presence in Indonesia. With this, we will be well-positioned to provide a comprehensive suite of both general and life insurance solutions to a country which has a fast growing economy and the largest population in Southeast Asia with over 260 million,” he added.
Marketing Interactive has reached out to Great Eastern for additional information.