Hanwha Life Insurance has become the first insurer of the Republic ofKorea to invest in the Indonesian market after purchasing a 80 percentstake worth 130 billion Rp (11.9 million USD) in local MulticorlifeInsurance in December last year.
Francis JungseopHyun, chief executive of Hanwha Life Insurance Indonesia, said thecompany is planning to rapidly expand its operations in Southeast Asia’s largest economy.
After the acquisition, the secondlargest life insurer in the RoK has increased its investment inMulticorlife Insurance by 260 billion Rp and renamed it Hanwha LifeInsurance Indonesia , he added.
Hyun said thecompany will invest another 400 billion Rp next year to expand its sharein the potential Indonesian market with over 240 million people.
Park Jae-hong, head of Hanwha Life’s global business division, saidIndonesia has been on the company’s radar ever since it decided toexpand outside the RoK in 2000.
Hanwha Life hasidentified countries with high business growth potential such as China ,India , Vietnam and Indonesia , Park said, adding that the companyset up an office in China in 2003 and has also entered markets inVietnam, the United States, Britain, Japan and Indonesia.
“The insurance market is expected to grow rapidly in Indonesia . Ithas a large population in which 70 percent are under 40 years in age.There is also an expanding middle class,” he said.
Inthe first half of this year, the Indonesia Life Insurance Association(AAJI) reported a rise in premium revenue of 14.5 percent to 57.6trillion Rp from the same period a year earlier. New premium grew 7.1percent while continued premium rose 31.3 percent. The number of insuredpeople in Indonesia rose significantly by 54.6 percent to 87.2million.-VNA
Francis JungseopHyun, chief executive of Hanwha Life Insurance Indonesia, said thecompany is planning to rapidly expand its operations in Southeast Asia’s largest economy.
After the acquisition, the secondlargest life insurer in the RoK has increased its investment inMulticorlife Insurance by 260 billion Rp and renamed it Hanwha LifeInsurance Indonesia , he added.
Hyun said thecompany will invest another 400 billion Rp next year to expand its sharein the potential Indonesian market with over 240 million people.
Park Jae-hong, head of Hanwha Life’s global business division, saidIndonesia has been on the company’s radar ever since it decided toexpand outside the RoK in 2000.
Hanwha Life hasidentified countries with high business growth potential such as China ,India , Vietnam and Indonesia , Park said, adding that the companyset up an office in China in 2003 and has also entered markets inVietnam, the United States, Britain, Japan and Indonesia.
“The insurance market is expected to grow rapidly in Indonesia . Ithas a large population in which 70 percent are under 40 years in age.There is also an expanding middle class,” he said.
Inthe first half of this year, the Indonesia Life Insurance Association(AAJI) reported a rise in premium revenue of 14.5 percent to 57.6trillion Rp from the same period a year earlier. New premium grew 7.1percent while continued premium rose 31.3 percent. The number of insuredpeople in Indonesia rose significantly by 54.6 percent to 87.2million.-VNA
