Indonesian joint venture partners Sinar Mas Group and CT Corp are planning to divest their share in insurance company Mega Life to a foreign partner.

Established in 2003 as an insurance joint venture (JV) between Sinar Mas and CT Corp, Mega Life offers a range of personal, group and unit-linked life insurance products across 17 branches in the country.

Sinar Mas Group managing director Gandhi Sulistiyanto was quoted by the Wall Street Journal as saying that the size of the stake sale has not been determined yet.

According to Mega Life’s website, it is "one of the leading health and life insurance providers with 1 million policies issued" so far in the country.

The partners, two major business conglomerates in Indonesia, expect to benefit from growing interest of foreign investors in Southeast Asian insurance market, reported Wall Street Journal.

In July this year, state-owned Bank Negara Indonesia decided to put its stake in BNI Life Insurance on sale again after a similar effort failed earlier in 2013.