JAKARTA - PT Astra International Tbk (ASII) is reportedly considering the option to sell its soul insurance unit. The value is estimated at 500 million US dollars.
Quoted from Bloomberg, Tuesday, September 27, the group's conglomerate is working with financial advisors to review PT Asuransi Jiwa Astra, also known as Astra Life.
Bloomberg sources revealed, in addition to full sales, other options being considered include partial sales and establishing a joint venture.
The deal could also involve the so-called bancassurance partnership, where insurance companies can sell their products in bank and other retail channels for a certain period of time.
Meanwhile, Astra is said to be seeking an assessment of around 300 million-500 million US dollars for life insurance companies in a transaction. Discussions are still in the early stages and Astra can still decide to keep the asset.
For information, Astra Life was founded in 2014 and offered products including conventional life insurance, health and accidents, as well as sharia life insurance.
Until the first semester of 2022, Astra Life recorded total assets of around IDR 7.4 trillion, up from the same period last year of around 11 percent or IDR 6.6 trillion.
In the same period, Astra Life has recorded a total coverage growth of 13 percent compared to the same period in the previous year with a total increase of 3.3 million to 3.72 million people.
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