Maybank’s insurance and takaful arm ventures into Indonesia

KUALA LUMPUR: Malayan Banking Bhd ’s (Maybank) insurance and takaful arm Etiqa International Holdings Sdn Bhd has expanded into Indonesia by acquiring a 75% stake in general insurer PT Asuransi Asoka Mas for 207.2 billion rupiah (RM64.94mil).

Maybank, which already has life and general insurance operations in Singapore and the Philippines, told Bursa Malaysia that Etiqa bought the 750 million PT Asuransi Asoka Mas shares on Thursday from PT Transpacific Mutualcapita, which will keep the remaining 25% shareholding.

It said all relevant approvals,  including those from Bank Negara Malaysia and Otoritas Jasa Keuangan of Indonesia, had been obtained.

“This acquisition is in line with Maybank Group’s insurance and takaful business vision to be a leading regional insurance  player,” it added.

Maybank said the transaction was not expected to have any material impact on the group’s earnings, net assets and gearing for this financial year ending Dec 31, 2017.