FWD Life Indonesia has announced its successful acquisition of Commonwealth Life, the Commonwealth Bank of Australia’s Indonesian life insurance business.
Existing customers and distribution channels of Commonwealth Life will not be affected by the change in ownership, and all existing policies will continue to be honoured by the insurer. Commonwealth Life customers can also continue to access the company’s products and services using their preferred service channels.
FWD Life plans to rename and rebrand the Commonwealth Life business. It will also enter into a 15-year life insurance distribution partnership with Bank Commonwealth, Commonwealth Bank of Australia’s Indonesian banking business.
Huynh Thanh Phong, FWD Group’s chief executive officer, says, “Indonesia is a priority market for FWD as we see huge potential for us to change the way people feel about insurance in this highly underpenetrated and rapidly growing market.”