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Jakarta Post

AXA Indonesia completes merger of insurer subsidiaries

  • Norman Harsono
    Norman Harsono

    The Jakarta Post

Jakarta   /   Wed, March 4, 2020   /   10:47 am
AXA Indonesia completes merger of insurer subsidiaries Mandiri AXA General Insurance (MAGI) compliance director Benny Waworuntu (third from the right) holds hands with other MAGI directors and comissioners in Jakarta on Dec. 2, 2019. (MAGI/MAGI)

AXA Indonesia, the local arm of French multinational insurer AXA, has completed the merger of two general insurance subsidiaries in refocusing its business strategy.

The company said in a statement on Tuesday that PT Asuransi AXA Indonesia’s (AGI) business permit had been officially revoked by the Financial Services Authority (OJK) on Feb. 17 following the company’s merger into PT Mandiri AXA General Insurance (MAGI). With the merger, AXA Indonesia now operates four subsidiaries, two of which provide health insurance, while one provides asset management services.

“Returning AGI’s business permit is the final administrative step in the merger of MAGI and AGI,” said MAGI compliance director Benny Waworuntu, adding that the merger would allow the company to “improve services and reach more customers.”

The restructuring is part of AXA Indonesia’s plan to focus resources on “areas of opportunity” in the domestic general insurance market such as health insurance, lifestyle protection and marine cargo protection.

The OJK approved the AXA Indonesia merger in a letter dated Nov. 28 last year and the companies began merging operations in December 2019. The company noted that all existing AGI policies would remain valid until their respective expiration dates.