Maybank’s insurance and takaful arm ventures into Indonesia

A customer talking on the phone behind Maybank logo at its headquarters in Kuala Lumpur.Maybank is the largest bank and financial group with 401 domestic branches in Malaysia. P.Nathan/The Star

KUALA LUMPUR: Malayan Banking Bhd’s (Maybank) insurance and takaful arm Etiqa International Holdings Sdn Bhd has expanded to Indonesia by acquiring a 75% stake in general insurer PT Asuransi Asoka Mas for 207.2 billion rupiah (RM64.94mil).

Maybank, which already has life and general insurance operations in Singapore and the Philippines, told Bursa Malaysia that Etiqa bought the 750 million Asuransi Asoka Mas shares on Thursday from PT Transpacific Mutualcapita, which will keep the remaining 25% shareholding.

It said all relevant approvals,  including those from Bank Negara Malaysia and Otoritas Jasa Keuangan of Indonesia, had been obtained.

“This acquisition is in line with Maybank Group’s insurance and takaful business vision to be a leading regional insurance  player,” it added.

Based on Asuransi Asoka Mas’s website, it has nine branch offices and 28 representative offices throughout Indonesia.

Maybank said the transaction was not expected to have any material impact on the group’s earnings, net assets and gearing for this financial year ending Dec 31, 2017.