The state-owned insurance holding company, IFG, has announced that it will acquire 70% of the shares of Asuransi Jiwa Inhealth Indonesia (Mandiri Inhealth). The stake is to be acquired through Asuransi Jiwa IFG (IFG Life), raising the group’s total holding in Asuransi Jiwa Inhealth to 80%.
IFG Life is a subsidiary of Bahana Pembinaan Usaha Indonesia (BPUI) which does business under the trade name Indonesia Financial Group (IFG).
IFG president director Hexana Tri Sasongko said that the acquisition of Mandiri Inhealth is seen as necessary for the development of life and health insurance business at IFG Life, reported the news organisation Kompas.
The acquisition is subject to regulatory approval.
Following the acquisition, the new shareholder structure will be: IFG Group with 80% and Bank Mandiri with 20%. Until the purchase is completed, the shareholding structure is: IFG has 10%, Bank Mandiri owns 80%, and Kimia Farma has the remaining 10%.