FWD Group (“FWD”) today announced that it has completed its investment in a significant minority stake in PT Asuransi BRI Life (“BRI Life”), the life insurance arm of PT Bank Rakyat Indonesia (Persero) Tbk (“BRI”). As part of this investment, BRI Life has entered into a long-term life insurance distribution agreement with BRI.
This investment and strategic partnership will allow FWD to work closely with BRI Life to deliver unique customer experiences and product propositions to even more local customers in a highly underpenetrated, rapidly growing market. BRI Life will be able to leverage FWD’s digital infrastructure and customer-led approach to offer innovative, easy-to-understand and relevant products to customers, helping to boost wider financial inclusion in Indonesia.
Existing BRI Life customers’ policies will not be affected by the transaction and customers will continue to receive their protection, benefits and services in accordance with the existing terms of their policies. BRI Life’s brand and name will remain unchanged.
Established in 1895, BRI is the largest bank in Indonesia by total assets, loans, deposits and net profit. It is the national champion in micro and consumer banking with an extensive distribution network covering every corner of the Nusantara archipelago. As of December 2020, it has more than 120 million customers.
Huynh Thanh Phong, FWD Group Chief Executive Officer, said, “This strategic investment is a clear signal of our confidence in, and commitment to, the Indonesian market where we see huge growth potential as one of Asia’s fastest-growing economies. We look forward to partnering with both BRI and BRI Life to deliver unique products and customer experiences that will change the way people feel about insurance in Indonesia.”