MAA Indonesia - Sold to Tokio Marine

Japan’s Tokio Marine insurance group has recently acquired a life insurance company to tap into the country’s growing insurance market. Last October, the group completed the acquisition of a majority stake in the now defunct PT MAA Life Assurance — a business unit of Malaysia-based MAA Assurance —and renamed it Tokio Marine Life Insurance Indonesia (TMLII).

The Tokio Marine group currently controls 89 percent ownership of the new firm, while PT Multi Artha Aman holds the remaining 11 percent.

The revamping strategy includes recruiting more agents and opening new offices as well. The company is looking to have around 1,000 agents by the end of 2013, much higher than the 100 it has currently. TMLII currently serves between 12,000 and 15,000 clients, most of whom are former MAA customers. By year-end, it hopes to attract at least 2,000 new clients.