Insurance

Great Eastern Targets General Insurance Business In Indonesia

Great Eastern Holdings has announced it will acquire PT QBE General Insurance Indonesia.

Commented Khor Hock Seng, Group CEO of Great Eastern Holdings, “The acquisition of QBE Indonesia is part of our broader business strategy to further build our general insurance operations into a significant business pillar for the Great Eastern Group and to deepen our footprint in Indonesia. QBE 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 South East Asia with over 260 million. Coupled with the fact that Indonesia’s non-life insurance penetration rate is among the lowest in the region, the market potential for us is tremendous. Additionally, the Great Eastern Group, being part of the OCBC Group, will be leveraging this strong Group synergy to create opportunities to better serve the community.”

The transaction is expected to be completed in the first half year 2019, subject to regulatory approval from Otoritas Jasa Keuangan and the Monetary Authority of Singapore.