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)