Thohir swoops in on insurance

Chinese interest: Inter Milan president Thohir (right) stands by Zhang Jindong, chairman of Suning Holdings Group, prior to the Serie A soccer match between Inter Milan and Juventus at the Milan San Siro stadium. – AP

INDONESIAN businessman Erick Thohir, whose investments have ranged from newspapers to sports teams in the US and Europe, is now betting on life insurance.

A group led by Thohir plans to invest 2 trillion rupiah (US$149mil) to gain full ownership of Asuransi Jiwa Bumiputera, a new unit of century-old mutual insurer AJB Bumiputera 1912, the insurance firm’s statutory manager says. He prevailed over Zurich Insurance Group AG and Samsung Life Insurance Co, which had also expressed interest in the Jakarta-based business, after its owners decided they didn’t want to bring in foreign investors, AJB Bumiputera 1912 coordinating statutory manager Didi Achdijat tells reporters in Jakarta.