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Hanwha Life Indonesia aims for IPO in 2019
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Hanwha Life Insurance Indonesia director Hendra Thanwijaya (left) and CEO Jung-seop Hyun pose during the launch of Hanwha Life Indonesia's 2017 business plan in Jakarta on Jan. 12. (JP/Anton Hermansyah)
H
anwha Life Insurance Indonesia, the local unit of South Korean insurance giant Hanhwa Life, plans to go public in 2019, selling 20 percent of its shares through an initial public offering (IPO).
The IPO plan was part of efforts to meet the Financial Service Authority’s (OJK) 80-percent foreign ownership limit for insurance companies, Hanwha Life Insurance Indonesia CEO Jung-seop Hyun said.
"Hanwha Life Indonesia [through the IPO] also hopes to increase transparency and integrated supervision that involves the public. Then, it will result in healthy growth," he said during a 2017 business launch in Jakarta on Thursday, adding that the company would also give local partners the chance to buy shares.
(Read also: Firms defer IPOs amid uncertainties)
In a bid to increase the enterprise value, Hanwha will aggressively strengthen the company's position through branding and advertising, doubling the number of agents and issuing new products. "We want to be [among] the top 10 insurers in Indonesia in 2020," Hyun added.
As part of a commitment to work on the insurance market in the country, South Korea-based Hanwha Life as the parent company has injected Rp 1.72 trillion (US$129.7 million) in cash, boosting Hanwha Life Indonesia's total assets by 435 percent to Rp 2.2 trillion in 2016 compared to Rp 397 billion in 2015. (ags)
