Japan-based Dai-ichi Life Insurance Company (DLI) has reportedly agreed to purchase a 40% stake in Indonesian life insurance company, Panin Life, a source familiar with the deal has revealed.
The unidentified source was quoted by Reuters as saying that the cost of acquisition is expected to be around JPY30bn ($295m) and the deal is likely to be announced at a later date after regulatory and other related issues are sorted out.
Dai-ichi has also reportedly negotiated purchase of minority stake in life insurance unit of PT Panin Financial, sometime ago.
Meanwhile, a company spokesman has refused to comment on the transaction.
Apart from bidding for ING Groep NV’s insurance operations in Southeast Asia in 2012, Dai-ichi has also submitted bid for a controlling stake in the life insurance unit of Malaysian lender, AMMB Holdings, the news agency reported earlier this month.
A business unit of Panin Group, Panin Life provides a range of life insurance protection and investment programs, including sharia products, to address every individual and corporate requirements.