Great Eastern to acquire Indonesian insurance frm for U$28m

PT QBE General Insurance Indonesia will be absorbed as subsidiary.

Great Eastern Holdings (GEH) through its wholly-owned subsidiary Great Eastern General Insurance Limited (GEG) is buying Indonesian insurer PT QBE General Insurance Indonesia, from QBE Asia Pacific Holdings Limited and QBE Insurance (International) Pty Limited for US$28m ($38.4m).

Following the sale, QBE Indonesia will become a wholly-owned subsidiary of GEH.

Also read: Great Eastern Holdings profits crashed 26% to $213.3m in Q3

The total consideration was arrived at following negotiations on a willing-buyer, willing-seller basis, based on the book value of QBE Indonesia in June and taking into account factors like existing assets, financial position and business prospects. The book value and net tangible asset value of QBE Indonesia stood at $43.1m (IDR452b) in the first half of 2018.

The sale is still subject to the final approval of the Otoritas Jasa Keuangan and the Monetary Authority of Singapore

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia