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Japan's insurer buys 20% stake in Sequis Life
Japanese insurance giant Nissay (Nippon Life Insurance Company) has bought a 20 percent stake in Indonesiaâs mid-sized life insurance company, Sequis Life Indonesia, with a Rp 4
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apanese insurance giant Nissay (Nippon Life Insurance Company) has bought a 20 percent stake in Indonesia's mid-sized life insurance company, Sequis Life Indonesia, with a Rp 4.87 trillion (US$402.3 million) investment.
The acquisition was finalized on Oct. 1, kontan.co.id reported, quoting a Saturday article from the Sankei Biz newspaper, which interviewed the CEO of Sequis Life, Tatang Widjaja.
'We want to grow between 18 to 20 percent per year in terms of income from premiums,' Tatang said. At present, he said, the life insurance coverage level of Indonesians remains low, but the market potential is high, with foreign life insurers spending large amounts of money on expansion.
Sequis Life will benefit from Nissay's know-how in product development, sales and asset management. It also expects to participate in an employee exchange training program to share knowledge and experience.
