PT FWD Life Indonesia (“FWD Life”), today announced that it has successfully completed the acquisition of PT Commonwealth Life (“PTCL”).
Existing customers and distribution channels of PTCL will not be affected by the change in ownership and all existing policies will continue to be honored by PTCL. PTCL customers can also continue to access the company’s products and services using their preferred service channels.
Anantharaman Sridharan, FWD Life President Director (CEO), said “I look forward to growing our Indonesian business through long-term investment as we strive to deliver innovative products and a leading customer experience that meets the evolving needs of today’s increasingly technologically enabled customers.”
Huynh Thanh Phong, FWD Group (“FWD”) CEO, said, “We’re delighted to enhance our presence in Indonesia through this acquisition. Indonesia is a priority market for FWD as we see huge potential for us to change the way people feel about insurance in this highly underpenetrated and rapidly growing market.”
FWD Life plans to rename and rebrand the PTCL business. FWD will also enter into a 15-year life insurance distribution partnership with PT Bank Commonwealth (“PTBC”), Commonwealth Bank of Australia’s Indonesian banking business.
PTBC President Director Indonesia, Lauren Sulistiawati said, “Providing our Indonesian customers with high quality products and services is core to our purpose to improve the financial wellbeing of our customers. We’re very pleased to partner with FWD in this important milestone and exciting journey. We share the same goal in digitalizing our services and processes to meet the evolving needs of our customer in the rapidly changing technological environment in which we now live.”