Japan's Dai-ichi agrees to buy 40 pct in Indonesia's Panin Life

TOKYO, June 4 Mon Jun 3, 2013 10:16pm EDT

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TOKYO, June 4 (Reuters) - Japan's Dai-ichi Life Insurance Co Ltd said on Tuesday it has agreed to buy a 40 percent stake in Indonesia's Panin Life for 3.3 trillion rupiah ($336.5 million).

Under the terms of the agreement, the Japanese insurer will hold a 5 percent stake in Panin Life by acquiring newly issued shares. It will also buy 36.8 percent of the shares in a holding company that will own the rest of Panin Life, Dai-ichi said in a statement on Tuesday.

($1 = 9805.0000 Indonesian rupiahs) (Reporting by Taiga Uranaka)