MetLife forms RI venture

MetLife forms RI venture

NEW YORK (Reuters): Metropolitan Life Insurance Co said Thursday that it established a new life insurance company in Indonesia through a joint venture partnership.

MetLife said its primary partner for the new company is PT Tunasmas Paduarta, a financial services subsidiary of the Tirtamas Group, a major Indonesian conglomerate.

Under the agreement, MetLife said it will own a 62 percent interest in the company, PT Tunasmas Paduarta will own a 33 percent interest and another local Indonesian insurer, Bringin Life, will own the remaining five percent stake. Terms were not disclosed.

MetLife said the final operating license was obtained from the Indonesian government's Ministry of Finance and the joint venture partnership became official after a deal between the partners was finalized Thursday.

The Jakarta-based PT MetLife Sejahtera is expected to begin selling products and services by the end of the year, MetLife said.