Astra acquired all of Aviva's shares in Astra Life
JAKARTA - PT Astra International Tbk (ASII) has acquired 49.99% shares of PT Astra Aviva Life (Astra Life) from Aviva International Holdings Limited (Aviva).
This was done through ASII's subsidiary, PT Sedaya Multi Investama. After the acquisition, ASII owned 99.99% of Astra Life shares directly and indirectly.
Suparno Djasmin, Director of ASII, said that the acquisition was based on the company's optimism for insurance business in Indonesia. Astra has been in partnership with Aviva for around 6 years.
"This acquisition is a form of our confidence in life insurance industry which has promising prospects in Indonesia," said Djasmin in an official statement to idnfinancials.com today.
For information, Astra Life is a life insurance company that offers a variety of products such as life and health protection, accident protection, unit link, and sharia-based insurance. This company was founded in 2014 as a joint venture between ASII and Aviva Holdings.
At the end of 2019, Astra Life's total assets had reached IDR 5.9 trillion. Meanwhile, Astra Life's Risk Based Capital (RBC) ratio was at 493% as of August 2020, 4 times higher than the minimum requirement of the Financial Services Authority (OJK), which is 120%. (KR/VA)