Aviva agrees Indonesian joint venture

18th Mar 2010 07:20

Aviva said it has entered into the Indonesian insurance market through a joint venture agreement with PT Asuransi Wahana Tata. Under the terms of the deal, Aviva is acquiring a 60% share in PT Asuransi Winterthur Life Indonesia (WLI), which has gross assets of £15m and which manages pension fund assets totaling £42m. WLI will be renamed PT Asuransi Aviva Indonesia. WLI is a top three health insurance provider in Indonesia, and has a 6% share in the Indonesian financial institutions' pensions market. "We are excited by the potential offered by the Indonesian insurance market and the growth prospects offered by this partnership. It is another step in our strategy to build a competitive presence in key markets in Asia to ensure that we benefit from the region's long term potential," said Simon Machell, chief executive, Aviva Asia Pacific.The agreement is subject to approval by the Indonesian regulators.