Astra Life Mulls Sales

Zurich Insurance Group AG and BNP Paribas SA's Cardif unit are among the potential bidders for PT Astra International's life insurance division. These insurance companies are reportedly evaluating possible offers for the Indonesian firm's life insurance business, aiming to increase their presence in the Southeast Asian economy.

No formal sales process for PT Asuransi Jiwa Astra (Astra Life) has commenced. The insurance companies may ultimately decide not to pursue a transaction, and there is a possibility of other buyers expressing interest.

Zurich Insurance, established in 1872, operates in over 200 countries and territories, as indicated on its website. In 2022, the company reported a business operating profit of $6.5 billion, reflecting a 12% increase compared to the previous year. Although its shares have declined approximately 2% this year, Zurich Insurance's market valuation stands at around $72 billion.

Cardif, which operates in more than 30 countries across Europe, Asia, and Latin America, recorded gross written premiums of €30 billion ($32 billion) in 2022, as stated on its website. The company's pre-tax net profit experienced a 1% increase, reaching approximately €1.4 billion last year.