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Dai-ichi likely to buy stake in Panin Life

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.