AMP to sell insurance unit to Dharmala<\/p>\n
SYDNEY (Reuter): The Australian Mutual Provident Society,
\nAustralia's largest insurer and funds manager, said on Monday
\nthat its joint venture Indonesian life insurance company AMP
\nPanin Life would be sold to Dharmala Manulife.<\/p>\n
AMP did not reveal the sale price of the operation, which was
\nowned 65 percent by AMP and 35 percent by Panin Life.<\/p>\n
AMP said the sale means that AMP and Panin will concentrate
\ntheir life insurance interests on the domestic life insurance
\ncompany Panin Life, which is 40 percent owned by AMP, 50 percent
\nby the Panin group, and the rest owned by the public.<\/p>\n
It said the sale to Dharmala Manulife, a venture which
\ninvolves PT Dharmala Insurance, is subject to the approval of
\nregulators and shareholders.<\/p>\n
\"AMP and Panin have further agreed to seek appropriate
\nopportunities to coinvest in suitable infrastructure investments
\nin Indonesia,\" it said.<\/p>\n
\"AMP is committed to remaining in Indonesia and the sale of
\nAMP Panin Life to Dharmala Manulife will allow AMP and Panin to
\nfocus more on improving the profitability and success of Panin
\nLife and to explore infrastructure investment opportunities,\" AMP
\ngroup development executive Phil Simmons said.<\/p>\n
AMP and Panin set up the joint venture in 1994 under the brand
\nAMP Panin Life.<\/p>\n
AMP said this brand name was confused with the Panin Life name
\nand both competed in the same market.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/amp-to-sell-insurance-unit-to-dharmala-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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