OREANDA-NEWS. The Dai-ichi Life Insurance Company, Limited have concluded a contract on subscription of new shares of PT Panin Life (hereinafter “Panin Life”) , an Indonesian Life Insurance Company, and PT Panin Internasional (hereinafter, “Panin Internasional”), its intermediate holding company, with PT Panin Financial Tbk (hereinafter “Panin Financial”), the parent company of these companies, Panin Internasional and Panin Life.

The amount to be invested through this subscription of new shares will be 3.3 Trillion IDR (Approximately 34.3 billion yen) and the Company will acquire an effective stake of 40% in Panin Life. Subject to obtaining all relevant regulatory approvals, Panin Life will become an affiliate of the Company. This relationship will bring added value for business growth providing excellence to customers and business partners.

Panin Life mainly operates in Indonesia, a promising life insurance market with the 4th largest population in the world. Panin Life is a subsidiary of Panin Financial, a leading financial corporation, which also owns Panin Bank, one of the major banks in Indonesia, as well as other financial institutions.

Panin Life has a number of distribution channels such as agency, bancassurance, direct marketing and telemarketing, and by diversifying into other various sales channels; Panin Life has successfully grown its underlying business performance in recent years. Simultaneously, subject to obtaining relevant approvals from local authorities, Panin Life is also expected to enter into a long-term exclusive bancassurance agreement with Panin Bank.