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Press Release
FWD Life completes acquisition of Commonwealth Bank of Australia’s Indonesian life insurance business and rebrands into PT FWD Insurance Indonesia
08 June 2020
Jakarta, 8 June 2020 – PT FWD Life Indonesia (“FWD Life”), today announced that it has successfully completed the acquisition of PT Commonwealth Life (“PTCL”) and rebranded the business to PT FWD Insurance Indonesia (“FWD Insurance”).
Existing customers and distribution channels of FWD Insurance will not be affected by these changes and all existing policies will continue to be honored. FWD Insurance customers can also continue to access the company’s products and services using their preferred service channels.
Anantharaman Sridharan, President Director (CEO) FWD Life, said “I look forward to growing our Indonesian business through long-term investment and we strive to deliver innovative products and a leading customer experience that meets the evolving needs of today’s increasingly technologically enabled customers.”
Huynh Thanh Phong, FWD Group CEO, said, “We’re delighted to enhance our presence in Indonesia through this acquisition. 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.”
FWD Insurance will also enter into a 15-year life insurance distribution partnership with PT Bank Commonwealth (“PTBC”), Commonwealth Bank of Australia’s Indonesian banking business.
PTBC President Director Indonesia,Lauren Sulistiawati said, “Providing our Indonesian customers with high quality products and services is core to our purpose to improve the financial wellbeing of our customers. We’re very pleased to partner with FWD in this important milestone and exciting journey. We share the same goal in digitalizing our services and processes to meet the evolving needs of our customer in the rapidly changing technological environment in which we now live.”
Existing customers and distribution channels of FWD Insurance will not be affected by these changes and all existing policies will continue to be honored. FWD Insurance customers can also continue to access the company’s products and services using their preferred service channels.
Anantharaman Sridharan, President Director (CEO) FWD Life, said “I look forward to growing our Indonesian business through long-term investment and we strive to deliver innovative products and a leading customer experience that meets the evolving needs of today’s increasingly technologically enabled customers.”
Huynh Thanh Phong, FWD Group CEO, said, “We’re delighted to enhance our presence in Indonesia through this acquisition. 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.”
FWD Insurance will also enter into a 15-year life insurance distribution partnership with PT Bank Commonwealth (“PTBC”), Commonwealth Bank of Australia’s Indonesian banking business.
PTBC President Director Indonesia,Lauren Sulistiawati said, “Providing our Indonesian customers with high quality products and services is core to our purpose to improve the financial wellbeing of our customers. We’re very pleased to partner with FWD in this important milestone and exciting journey. We share the same goal in digitalizing our services and processes to meet the evolving needs of our customer in the rapidly changing technological environment in which we now live.”
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PT FWD Insurance Indonesia ("FWD Insurance") is licensed and supervised by the Financial Services Authority. FWD Insurance is a member or Alternative Dispute Resolution Agencies of Financial Services Sector
