Date
2012.12.26
Hanwha Life Insurance Co. of South Korea said Wednesday it acquired an Indonesian insurance company in a bid to expand its overseas business.
South Korea's No. 2 life insurer secured an 80 percent stake worth 14 billion won (US$1.3 million) in Multicor Life Insurance Pt. from Indonesia's Sina Mas Group, it said in a statement.
It is the first time a Korean life insurer has tapped into the Southeast Asian market, Hanwha Life Insurance added.
The Korean insurer said the acquisition came as part of its efforts to shore up its overseas operations into the world's fourth most populated country, where foreigners are currently banned from setting up their wholly-owned subsidiary.
With its new Indonesian operation, Hanwha Life plans to gain footholds in three major cities there, including the capital city of Jakarta, it said.
Hanwha Life launched its first Asian offshore business in Vietnam in 2009, followed by opening another branch in China last week, according to the insurance firm.