Thursday, October 19, 2017

Hanwa Life Indonesia mulls IPO in 2019

Hanwa Life Insurance Indonesia is planning to go public in 2019 by placing 20% of its shares through an initial public offering (IPO).

The IPO plan of the local unit of Korea’s insurance giant was part of efforts to meet the Financial Service Authority’s (OJK) 80% foreign ownership limit for insurance companies.

Jung-seop Hyun, Hanhwa Life Insurance Indonesia CEO, said the IPO will help the insurer increase transparency and integration supervision by involving the public.

The insurer is giving local partners first chance to buy the 20% shareholding.

Hyun noted that the company aims to be among the top 10 insurers in the country by 2020 as they aggressively strengthen its position by branding and advertising.

The insurer is also doubling the number of agents and issuing new products in Indonesia.

Hanwa’s parent company also injected Rp1.72 trillion (US$129.7 million) in cash, boosting its assets by 435% to Rp 2.2 trillion in 2016.

 

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