Nissay buys 
20 pc stake in Sequis Life

Japanese insurance giant Nissay (Nippon Life Insurance Company) has bought a 20 percent stake in Indonesia’s mid-sized life insurance company, Sequis Life Indonesia, with a USD402.3 million investment.

“We want to grow between 18 to 20 percent per year in terms of income from premiums,” Tatang Widjaja, CEO of Sequis said recently in an interview. At present, he said, the life insurance coverage level of Indonesians remains low, but the market potential is high, with foreign life insurers spending large amounts of money on expansion.

Sequis Life will benefit from Nissay’s know-how in product development, sales and asset management. It also expects to participate in an employee exchange training programme to share knowledge and experience.