Aviva forms JV with Astra Intl in Indonesia

17th Jan 2014 07:03

Insurance giant Aviva has signed a joint-venture agreement with Astra International, Indonesia's largest publicly listed company, to form Astra Aviva Life, which will sell and distribute life insurance products in Indonesia. Aviva said Astra was its "ideal partner" and said the JV was "good for Aviva, good for Astra and good for our customers". Astra Aviva Life will be the preferred provider of a range of life insurance products to Astra and its subsidiaries, the group explained. The JV will also enter into distribution arrangements with a number of the Astra group companies, and will offer life insurance to the wider consumer market through a variety of digital, agency and partner channels.Aviva Chief Executive Officer Mark Wilson said: "Astra is a hugely respected household name in Indonesia and the ideal partner for Aviva in one of the world's fastest growing insurance markets. "This JV creates a compelling growth opportunity, underlines our commitment to Asia and supports our strategy of cash flow plus growth."The new business is expected to be launched later this year. NR