Zurich Financial Services takes control over Mayapada Life

Zurich Insurance Company,a subsidiary of Swiss Zurich Financial Services has taken control over 80% of PT Mayapada Life, an insurer specialized in life insurance.A distribution deal will soon be signed with Mayapada Bank in order to market  bancassurance products. The amount of the transaction has not been disclosed.  The 2009 turnover of PT Mayapada Life amounts to 1.7 billion USD. This acquisition is part of the development strategy of the Swiss insurer in Indonesia.