JAKARTA, Sept. 17, 2003 – PT Asuransi Jiwa Manulife Indonesia has entered into an agreement to acquire the Indonesian life business of Zurich Financial Group, PT Zurich Life Insurance Indonesia (Zurich), subject to regulatory approval. As a result of Zurich’s decision to exit the Indonesian insurance market, Manulife Indonesia was selected to protect the ongoing benefits of Zurich’s policyholders.
“This acquisition is positive for the Indonesian life insurance industry and further demonstrates Manulife’s commitment to both the Indonesian market and the financial security of our customers,” said Vic Apps, Executive Vice President and General Manager of Manulife’s Asian operations. “We are pleased that Zurich saw Manulife Indonesia as the natural choice to bring ongoing protection to their policyholders.”
“We are pleased to welcome Zurich’s policyholders to Manulife. They can rest assured that all current contracts will be honoured and that we are committed to providing them with the best products and services available in Indonesia,” said John Harrison, President Director of Manulife Indonesia. “They are joining a financially secure business in Manulife Indonesia that will offer a wider product selection than ever before, enabling them to achieve their financial security goals within a safe financial institution.”
With an 18-year history of prudent and successful management, Manulife Indonesia has reported twelve consecutive years of continuous profitability. The Company consistently maintains a Risk Based Capital rating that exceeds government regulations for 2004 and continues to invest in further improving service levels for customers and agents.
Manulife Indonesia is solely funding the entire acquisition cost, further demonstrating the Company’s long-term commitment and financial strength in the Indonesian market. The terms of the deal were not disclosed.
“We are committed to becoming the preeminent provider of Indonesian insurance and pension products by increasing our agency force,” added Mr. Harrison “The acquisition of PT Zurich Life Insurance Indonesia will bring more than 1,000 professional agents on board, greatly accelerating our growth and service opportunities.”
About Manulife Indonesia
Established in 1985, Manulife Indonesia was awarded the ‘Life Insurance Company of the Year’ award for 2002 in Asia by Asia Insurance Review, a respected insurance publication in Asia. Manulife Indonesia is one of the largest joint venture insurance companies in the country and has been chosen as one of the best life insurance companies in Indonesia by Info Bank, Pilar Bisnis and Investor Magazine in 2002.
The Company offers the most comprehensive products and services in the life insurance industry in Indonesia. Headquartered in Jakarta, Manulife Indonesia operates through a network of 70 branches in 31 cities throughout Indonesia with the support of almost 3,600 staff and full-time agents, who serve nearly 450,000 customers.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were Cdn$144.3 billion as at June 30, 2003.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.