NewsPost: Insurance

Aseana Insurance Set to Acquire Mapre’s Shares in ABDA

Aseana Insurance acquires majority stake

 

JAKARTA – Aseana Insurance Pte Ltd concludes the acquisition of 62.33% of shares of Mapre Internacional SA in PT Asuransi Bina Dana Abadi Tbk (ABDA) worth IDR 885.67 billion.

In the information disclosure quoted Friday (2/9), Ratih Kusumadilaga, Corporate Secretary of ABDA, confirmed that Aseana’s portion in the company has risen to 87.18% post transaction. “Prior to the completion of this transaction, Aseana’s ownership only clocked up to 24.85% or 154,273,041 shares of the entire shares issued by the company,” she explained.

After this transaction, Aseana claims another 386,924,893 shares, bringing its portion up to 541,197,934 shares of the total issued shares of ABDA.

Aseana Insurance, a subsidiary of the Singapore-based company Aseana, operates under the ownership of Warburg Pincus LLC and its affiliates. Aseana has an impressive issued and paid-up capital of USD 178.59 million, which comprises 178,592,601 common shares and preferred shares valued at USD 1 per share.

It is known for its comprehensive range of insurance products and services. With a strong capital base, the company is well-positioned to provide reliable coverage and financial security to its clients. Whether it’s life insurance, property insurance, or general insurance, Aseana Insurance offers tailored solutions to meet the diverse needs of individuals and businesses.

As part of the Aseana group, the insurance arm benefits from the extensive expertise and resources available within the larger organization. This enables Aseana Insurance to stay at the forefront of the insurance industry, adapting to evolving market trends and regulations.

With its solid financial foundation and commitment to customer satisfaction, it continues to establish itself as a trusted provider in the insurance sector. By offering innovative products and excellent service, the company aims to build lasting relationships with its policyholders, ensuring their peace of mind and protection against unexpected events.

InLife, Oona take over Mapfre Insular

Insular Life and Oona Philippines Holding Corp. form joint venture to take full control of Mapfre Insular Insurance Corp. (MIIC)

 

Insular Life (InLife) has entered into a joint venture agreement with Oona Philippines Holding Corp. to take the full control of Mapfre Insular Insurance Corp. (MIIC).

In statement, Nina Aguas, InLife executive chairperson, said the Filipino-owned life insurance firm increased its stake in MIIC from 25 percent to 40 percent, while Oona will acquire the remaining 60 percent shares in the company.

The deal follows Mapfre Internacional SA of Spain’s earlier decision to exit its business interests in Asia, including the Philippines.

“We attracted a significant investor for our non-life businesses,” Aguas said. “The joint venture will allow for our current and future distribution channels to scale up and provide stronger and better general insurance products delivered using technology.”

Aguas said InLife will leverage on Oona’s capability-building and value-creation capacity to strengthen their reach and allow both to increase relevance and cooperation.

“The complementary strengths of both companies will propel both companies to leadership position in providing relevant and timely solutions to the current and evolving needs of our markets,” Aguas said.

“This will give us more arsenal to pursue our growth trajectory for our non-life businesses as we become stronger players in the digital economy,” he added.

Abhisek Bhatia, Oona group chief executive officer said they are delighted to partner with InLife.

“Together we will build the leading digital general insurer in the country. Our shared values of customer first and digital enablement will drive future growth for the business,” Bhatia said.