Insurance
Hanwha Life acquires Indonesia's Lippo General Insurance
The acquisition will enable Hanwha to build comprehensive product portfolio for Indonesian market
By Mar 30, 2023 (Gmt+09:00)
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South Korea's Hanwha Life Insurance said on Thursday that it has acquired a 62.6% stake in Indonesian insurer Lippo General Insurance, in collaboration with Hanwha General Insurance.
The acquisition will see Hanwha Life Indonesia acquire a 47.7% stake, with Hanwha General Insurance taking a 14.9% stake.
Lippo General Insurance is currently ranked as the 14th largest insurer in the Indonesian market, with the second-largest market share for health and accident insurance.
Hanwha Life Indonesia aims to use the acquisition to create a product portfolio that covers both life and non-life insurance, based on the horizontal integration of local insurance companies.
Write to Jin-Woo Park at youpen@hankyung.com
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