MAPFRE to withdraw from the Indonesian insurance market

MAPFRE has signed an agreement with Singaporean insurer Aseana Insurance to sell its business in Indonesia. The deal includes a 62.33% stake in Asuransi Bina Dana Arta Tbk (ABDA) and 51% in MAPFRE ABDA Assistance. The transaction is valued at 62.9 million USD.

Through this sale, the Spanish insurer is definitely leaving the Indonesian insurance market. The operation is still pending the approval of the competent authorities.