FWD Life Indonesia Acquires 80% of Commonwealth Life’s Stake

By Editorial Team 12/05/2020
Summary

The Commonwealth Bank of Australia (CBA) has received the regulator’s approval to release 80 percent of its ownership in the life insurance subsidiary, PT Commonwealth Life (PTCL), to PT FWD Life Indonesia. Both companies planned to conclude the deal in June 2020.

Based on CBA’s corporate release on Monday (5/11), the strategic partnership obliged both parties to cooperate in FWD Group’s insurance product distribution through PT Bank Commonwealth (PTBC) for the next 15 years. Besides, PTCL’s clients will still receive benefits from their policies. On the other hand, Commonwealth Bank’s customers can also access the excellent life insurance products of FWD.

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