MMI takes stake in RI venture

MMI takes stake in RI venture

SYDNEY (AFP): Australian insurance group MMI Ltd. said yesterday it had taken a 20 percent stake in German general insurer Allianz AG's Indonesian joint venture for A$6 million (US$4.4 million).

Manufacturers Mutual Insurance's' investment in Jakarta-based PT Asuransi Allianz Utama Indonesia follows its 23.9-million- dollar acquisition of 20 percent in Allianz Insurance (Singapore) Pte Ltd., announced Sunday.

MMI International general manager Angus Maciver said the move into Indonesia was another step in the company's Asian growth strategy and further cemented its partnership with Allianz AG.

Maciver said Indonesia was one of the fastest growing Asian economies and a major population center.

"We expect to see rapid growth in the Indonesian insurance industry in the near future," he said.

The PT Asuransi Allianz Utama Indonesia joint venture has two substantial Indonesian shareholders, including PT Asuransi Jasa Indonesia. Further details on the shareholding structure were not immediately available.