Hanwha Life Acquired Indonesian Insurer Multicor
Hanwha Life Insurance finalized acquisition of an Indonesian insurance company Multicor Life Insurance Pt. Hanwha has announced that the company secured an 80 percent stake worth KRW 14 billion in Multicor from Indonesia’s Sinar Mas Group, and took over the management control of the company.
This is the first case for a Korean life insurance company to acquire a foreign life insurer through M&A. Also, this makes Hanwha Korea’s first life insurer to advance into Indonesia.
Multicor Life Insurance Pt. is a life insurer with total assets of KRW 7 billion, and Hanwha aims to gain a local business license with the acquisition. Currently, Indonesian authorities do not allow new business approval for foreign companies.
Hanwha’s entrance into the Indonesian market is based on the country’s huge market potential. Indonesia is the world's fourth most populated country(240 million populations) with strong domestic economy abounding in natural resources. It has shown average 6% of economic growth for past five years and estimated 6.3% growth for 2013 which proves it is a new rising insurance market. Also, Indonesia is a highly competitive market for global insurance companies as foreign life insurers have more than 50% of entire market share.
Hanwha Life plans to operate fully-fledged business in October 2013. It plans to gain footholds in major cities in Indonesia, including the capital city of Jakarta, Surabaja and Medan.
Sang-yong Park of the international market department in Hanwha Life said, “Hanwha is strengthening its global business through its expansion to overseas market including Indonesia. It is also actively considered to reach further to other Southeast Asian markets in the future.”
Currently, Hanwha Life operates 7 overseas units in 5 countries including Vietnam, China, Japan, the United States and the United Kingdom.
Established in 1946, Hanwha Life is not only a leading South Korean life insurance company but also the first and oldest in the nation. For the past 75 years, Hanwha Life has played a critical role in developing the industry and expanding the country’s economic growth. In 2021, Hanwha Life reported total assets of USD 112.76 billion, demonstrating its sound structure and firm commitment to adding innovative products and services that meet a wide range of customer needs.
For more information, visit: www.hanwhalife.com/en
Founded in 1952, Hanwha has grown quickly by anticipating and responding to changing business environments with a balanced business portfolio that includes energy & materials, aerospace, finance and retail & services. Our expertise and synergy in key areas have catapulted us into the seventh-largest business in South Korea and a Fortune Global 500 company. Hanwha continues to grow rapidly as we strive to pursue global leadership in all of our businesses. We are building a robust foundation for sustainable development and a brighter future for everyone.
For more information, visit: www.hanwha.com
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