Sumitomo Life acquires 40% of BNI Insurance

Japanese company Sumitomo Life takes control of 40% of the Indonesian insurer BNI Life’s capital, a life subsidiary of Bank Negara Indonesia. The agreement, expected to be approved by the regulatory authorities, has been concluded for the amount of 354 million USD. Sumitomo Life relies on its expertise to increase the share of BNI Life in the local market. In addition, a bancassurance partnership with BNI is likely to boost the sale of the group’s insurance policies.