What are Lippo's Plans After Selling Lippo Insurance to Hanwha?

By Editorial Team 05/04/2022
Assets
Summary

Korean affiliated life insurance company PT Hanwha Life Insurance Indonesia plans to take over its Lippo Group peer PT Lippo General Insurance Tbk (LPGI). Based on a disclosure filing, Hanwha Life's management said that the company is still in talks on the LPGI takeover plan with PT Inti Anugerah Pratama and PT Star Pacific Tbk (LPLI).

Inti Anugerah and Star Pacific are Lippo Group entities that are major shareholders of LPGI. On April 1, Hanwha Life, the new controlling candidate, reportedly signed a Conditional Sale and Purchase Agreement with Inti Anugerah and LPLI.

Hanwha Life plans to acquire Inti Anugerah's 42.79 percent and Star Pacific's 4.9 percent stake in LPGI. "The purpose of the takeover plan is to expand the scale of Hanwha Life's insurance business in Indonesia," Hanwha wrote in the announcement Monday. If the transaction is carried out with LPGI's final share price of Rp 10,750 per share, the total acquisition value of Hanwha is estimated to reach Rp 763 billion.

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