Talks on Lippo Life acquisition fail<\/p>\n
JAKARTA (JP): Negotiations over the planned acquisition of
\npublicly listed PT Asuransi Lippo Life by German insurance giant
\nAllianz have failed to produce any agreement, a senior executive
\nof the German company said here on Wednesday.<\/p>\n
Manfred Wittau, also the president of PT Asuransi Allianz
\nUtama Indonesia, said on Wednesday that a number of meetings had
\nbeen held with the founders of the insurance unit of the Lippo
\nGroup to hammer out the acquisition plan, but both parties failed
\nto reach an agreement.<\/p>\n
"We have stopped our discussions without any conclusions,"
\nWittau told the media.<\/p>\n
He said acquiring local insurance companies was part of
\nAllianze's strategy in strengthening its foothold in the
\nIndonesian insurance market.<\/p>\n
But he said the approach to acquisition would be carried out
\ncarefully.<\/p>\n
"Allianz never approached or looked for an insurance company
\nto acquire. But if any came to us we would be happy to consider
\nit," he said at the soft opening of PT Asuransi Allianz Utama
\nIndonesia's one-stop insurance outlet in the Summitmas building.<\/p>\n
The company's director, Laurence Warburton, said the outlet
\nwould offer a comprehensive range of insurance services, namely
\npolicies in general, life and health insurance.<\/p>\n
"Customers and agents will be able to obtain their policies in
\nless than 24 hours and have their claims processed faster," he
\nsaid.<\/p>\n
Allianz operates two companies in Indonesia: general insurance
\nfirm PT Allianz Utama Indonesia and life insurance firm PT
\nAsuransi Allianz Life Indonesia.<\/p>\n
Established in 1989, PT Allianz Utama, one of the leading
\nforeign industrial insurers, covers large-scale public and
\nprivate sector investment projects.<\/p>\n
PT Allianz Utama is presently focusing more on its retail
\ninsurance clients as a lot of private as well as public
\ninvestment projects in the country have been put on hold due to
\nthe economic crisis, said Warburton.<\/p>\n
Retail insurance clients include policyholders on life, motor
\nvehicle, house and small and medium-businesses.<\/p>\n
Allianz AG of Germany has offices in 17 countries throughout
\nthe Asia-Pacific region. Singapore and Hong Kong were selected as
\nthe company's regional centers to manage its operations.
\nSingapore hosts Allianz Insurance Management Asia Pacific,
\nAllianz Reinsurance and Allianz Risk Management, while Hong Kong
\nhosts Allianz Asset Management. (udi)<\/p>",
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