Wednesday, December 13, 2017

Prudential Financial enters Indonesian life market

US-based Prudential Financial has entered the Indonesian life insurance market by acquiring a 49% stake in Asuransi Jiwa Mega Indonesia, the life insurance subsidiary of CT Corp.

Prudential acquired the stake through its Pruco Life Insurance unit. The joint venture deal presents Prudential Financial with an opportunity to tap the expanding middle class of Indonesia, the world’s fourth-largest country by population.

CT Corp chairman and founder Chairul Tanjung said the need for life insurance in Indonesia is increasing as a result of higher disposable income, life expectancy and financial literacy improvements.

CT Corp is the biggest Indonesian, consumer-focused company, managing more than US$100 billion in assets and with more than 100,000 employees.

Prudential Financial, which managed more than US$1 trillion in assets as of March 31, already does business in 40 countries, including Japan, Korea, Taiwan and China, the company said.

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