Strategic partnership expands access of Indonesia’s growing middle class to financial protection and insurance solutions
JAKARTA, Indonesia, July 18 (Bernama-BUSINESS WIRE) -- CT Corp and U.S.-headquartered Prudential Financial, Inc. (PFI) (NYSE: PRU), have created a joint venture to provide life insurance solutions to a broad spectrum of people in Indonesia through a multi-channel distribution strategy, the companies announced today. Under the recently closed agreement, which has been approved by the OJK in Indonesia, PFI subsidiary Pruco Life Insurance Company has acquired a 49 percent interest in CT Corp’s wholly-owned life insurance subsidiary, PT Asuransi Jiwa Mega Indonesia.
“We’re pleased to partner with CT Corp, which controls one of Indonesia’s largest and most prominent business groups, as we enter this market for the first time to introduce our offerings and capabilities to serve the needs of the Indonesian market,” said Charles Lowrey, executive vice president and chief operating officer of PFI’s International businesses. “The partnership advances our business growth strategy by expanding PFI’s international footprint into an attractive market with long-term growth potential, low insurance penetration and a well-developed regulatory environment.”
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