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