Group whatsapp salafy indonesia

Zurich acquires Adira Insurance, a leading insurer in Indonesia

  • Zurich becomes Indonesia's largest foreign property and casualty insurer
  • The transaction strengthens Zurich's strategy of achieving economies of scale in target markets
  • The takeover includes long-term strategic cooperation agreements with two of Indonesia's leading financial institutions

Zurich Insurance Group (Zurich) announced today that it has entered into agreements to acquire 80% of PT Asuransi Adira Dinamika (Adira Insurance) from PT Bank Danamon Indonesia (Bank Danamon) and a minority investor. Adira Insurance is one of the ten leading property and casualty (P&C) insurers in Indonesia.

The transaction also includes two separate long-term strategic cooperation agreements; one with Bank Danamon, Indonesia's fifth largest bank by market capitalization, and one with Adira Finance, Indonesia's second largest provider of financing solutions for motorcycles and cars.

The total price is IDR 6.15 trillion (approximately USD 414 million). Depending on the business success, further potential payments can be made in the future. This transaction makes Zurich the largest foreign P&C insurer in Indonesia.

“For Zurich, the Asia-Pacific region is an important growth engine for the group, and Indonesia is a key market for us. Today's takeover underscores our commitment to Indonesia. It is an excellent opportunity to expand our business in the region and enable more customers to meet their insurance needs, ”said Jack Howell, Zurich's Chief Executive Officer for Asia Pacific. «We look forward to working with Bank Danamon and Adira Finance. Both are well-established brands with extensive distribution networks. Together with Zurich's international competence and first-class expertise in underwriting and risk management, we are convinced of the long-term success of this business. ”

Indonesia is one of the most attractive insurance markets in the world and the largest economy in Southeast Asia. The country has strong growth prospects and a rapidly growing middle class. These factors, as well as low insurance penetration, offer significant growth potential.

Founded in 1996, Adira Insurance generated gross premiums of USD 158 million in 2017, driven by a diversified P&C product offering and strong sales capacities. Adira Insurance is the market leader in motor vehicle and takaful insurance in Indonesia.

The parties expect the transaction to close within the next six months, subject to regulatory approvals and other customary closing conditions. Upon completion of the transaction, Zurich will hold an 80 percent stake in Adira Insurane, while Bank Danamon will hold a 20 percent stake.

additional Information
For more information on this transaction, see the investor presentation.

Zurich Insurance Group (Zurich) is a leading multi-line insurance provider serving clients in global and local markets. With around 53,000 employees, Zurich offers a comprehensive range of products and services in the property and casualty and life insurance sectors. Her clients include individuals, small, medium, and large businesses, and multinational corporations in more than 210 countries and territories. The group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group AG (ZURN), is listed on the SIX Swiss Exchange and has a Level I American Depositary Receipt Program (ZURVY), which is traded over the counter on the OTCQX. More information about Zurich is available at www.zurich.com.

Zurich Indonesia serves customers in the life insurance and property and casualty insurance (Property & Casualty, P&C) segments. Both PT Zurich Topas Life (ZTL) and PT Zurich Insurance Indonesia (ZII) have their headquarters in Djakarta and pursue a multi-channel sales strategy. ZTL offers comprehensive life insurance risk and financial planning products through a network of agents and sales partnerships with banks, while ZII offers P&C solutions for private customers, SMEs and large corporations.