FWD Life participated in the bidding for Commonwealth Bank of Australia’s insurance business back in October 2018, for up to $300m
FWD Life completes acquiring life insurance business from Australian banker. (Credit: Pixabay/Tumisu/)
FWD Life Indonesia (FWD Life) has wrapped up the acquisition of life insurance business from Commonwealth Bank of Australia and has rebranded it to PT FWD Insurance Indonesia (FWD Insurance).
FWD Life Indonesia said that its existing customers and distribution channels will not be affected by the changes and all of the existing policies at the newly acquired company will continue to be honoured.
The customers of FWD Insurance can also continue to access the company’s products and services using their preferred service channels.
First announced in October 2018, the deal was worth nearly $300m. FWD claims to have outbid several competitors such as Singapore’s Great Eastern, Indonesia’s Sequis Life, the UK’s Prudential, and Canada’s Sun Life.
FWD Life President Director Anantharaman Sridharan said: “I look forward to growing our Indonesian business through long-term investment and we strive to deliver innovative products and a leading customer experience that meets the evolving needs of today’s increasingly technologically-enabled customers.”
FWD Group CEO Huynh Thanh Phong said: “We’re delighted to enhance our presence in Indonesia through this acquisition. Indonesia is a priority market for FWD as we see huge potential for us to change the way people feel about insurance in this highly underpenetrated and rapidly growing market.”
FWD Insurance to distribute life insurance for the banker for a 15-year period
FWD Insurance has also agreed to act as life insurance distributor for PT Bank Commonwealth (PTBC), a subsidiary of Commonwealth Bank of Australia, a 15-year period.
PTBC President Director Indonesia Lauren Sulistiawati said: “Providing our Indonesian customers with high-quality products and services is core to our purpose to improve the financial wellbeing of our customers. We’re very pleased to partner with FWD in this important milestone and exciting journey.
“We share the same goal in digitalising our services and processes to meet the evolving needs of our customer in the rapidly changing technological environment in which we now live.”
In August 2019, FWD Life Indonesia partnered with K-Link Indonesia to provide Asuransi Bebas Handal, a sharia-based health insurance for Indonesians.
K-Link is a sharia networking distributor that mainly distributes healthcare and household products.