Hanwha General Insurance Acquires Additional Stake in Lippo General Insurance Indonesia, Making It a Subsidiary
Hanwha General Insurance announced on the 30th that it has acquired a 46.6% stake in Lippo General Insurance Tbk, previously held by Hanwha Life Insurance Indonesia, increasing its total stake to 61.5% and making Lippo General Insurance its subsidiary.
Hanwha General Insurance purchased 1,398,000,000 common shares of Lippo General Insurance for approximately 82.3 billion won. As a result, the total number of shares held increased to 1,845,000,000. The company explained that this additional stake acquisition is a strategic decision aimed at strengthening its overseas business foundation and diversifying its revenue portfolio.
Hanwha General Insurance plans to leverage the Hanwha financial network in Indonesia to ensure the stable growth of Lippo General Insurance. The company will build a revenue portfolio centered on high-quality products such as marine and property insurance, and strengthen collaboration with Hanwha financial network partners such as Nobu Bank, which Hanwha Life Insurance has invested in. It also plans to continuously pursue the creation of new business opportunities and maximize synergies.
In the first half of this year, Lippo General Insurance recorded operating revenue of 157.2 billion won, a 5.5% increase compared to the same period last year. In October, the company received a financial strength rating of A- (Excellent) from the global insurance credit rating agency A.M. Best, making it one of the few Indonesian general insurers with a global credit rating.
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A representative from Hanwha General Insurance stated, "This overseas insurance business aims to overcome the growth limitations of the domestic market and diversify our profit base," adding, "We will strive to achieve stable growth by leveraging our global network, based on our digital financial technology and expertise in general insurance risk management."
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