Prudential Financial enters Indonesian life insurance market with JV
Prudential's Pruco Life Insurance Company unit has acquired a 49 percent stake in PT Asuransi Jiwa Mega Indonesia, the life insurance subsidiary of Indonesia-based CT Corp, the companies said in a statement. Financial terms were not disclosed.
The deal presents Newark, New Jersey-based Prudential Financial with an opportunity to tap the expanding middle class of Indonesia, the world's fourth-largest country by population.
Prudential Financial, which managed more than $1 trillion in assets as of March 31, already does business in 40 countries, including Japan, South Korea, Taiwan and China, the company said.
"The partnership advances our business growth strategy by expanding PFI’s international footprint into an attractive market with long-term growth potential," Charles Lowrey, chief operating officer of Prudential's international businesses, said in a statement.
CT Corp is an Indonesian holding company whose businesses include Bank Mega and other financial services institutions. It manages more than $10 billion in assets, it said. ■