Insurance merger approved

Insurance merger approved

JAKARTA (JP): The Ministry of Finance has approved the
acquisition of PT Asuransi Jiwa Allstate by PT Prudential
BancBali Life Assurance on Monday.

Prudential BancBali's president Kevin Holmgren said that the
transition period for integrating Asuransi Jiwa Allstate into
Prudential BancBali should go smoothly as the company's
integration team had laid out a clear plan to be implemented over
the next few months.

Prudential BancBali, a subsidiary of the United Kingdom's
Prudential plc., will honor all the terms and conditions of the
policies issued by Asuransi Jiwa Allstate, he said in a
statement.

Prudential plc and Allstate signed an agreement last April for
Prudential to acquire Allstate's holdings in Asuransi Jiwa
Allstate and Allstate Life Insurance Company in the Philippines.

The regulators in the Philippines had also approved the
Philippines acquisition, Holmgren said. (tnt)