ING sells Indonesian unit to QBE

ING sells Indonesian unit to QBE

JAKARTA: Australian company QBE Insurance Group is to buy
Dutch firm ING's non-medical general business in Indonesia.

The two companies said, however, that ING's agents were still
allowed to sell the ING non-medical products.

"The transfer is expected to be completed by May 31," the
companies said in a joint statement.

For ING, the agreement was part of its' strategy to
concentrate its activities in selected areas and refocus its
insurance business in Indonesia on life and employee benefits,
the statement said.

For QBE, the deal strengthened its plan for growth in the Asia
Pacific markets, it added.

ING has been operating in Indonesia for years through ING
Aetna Life, while QBE is represented by PT Asuransi QBE Pool
Indonesia. --JP