JAKARTA Aug 19 PT Bank Rakyat Indonesia Tbk
(BRI) said on Tuesday it is exploring a potential
acquisition of state-owned Indonesian life insurer PT Asuransi
Bank Rakyat is at an early stage of reviewing the potential
acquisition, the state-controlled lender said in a stock
Bank Rakyat said in January it had earmarked 3 trillion
rupiah ($256.9 million) for possible acquisitions of other
lenders as well as insurance and securities firms.
Jiwasraya posted a 69 percent jump in net profit to 460.9
billion rupiah in 2013 from a year earlier, according to its
Indonesia's life insurance sector has seen a spate of
acquisitions in the past one to two years as companies seek to
capitalize on the low coverage and attractive growth rates in
Southeast Asia's largest economy.
Britain's Aviva is partnering Indonesian conglomerate
PT Astra International Tbk to sell life insurance
products, while Japan's Sumitomo Life Insurance Co
and Dai-ichi Life Insurance Co Ltd have bought stakes
in Indonesian insurers.
($1 = 11,677.00 rupiah)
(Reporting by Eveline Danubrata; Editing by Matt Driskill)