Hanwha Life acquires Indonesia's Lippo General Insurance

South Korea's Hanwha Life Insurance said on Thursday that it has acquired a 62.6% stake in Indonesian insurer Lippo General Insurance, in collaboration with Hanwha General Insurance.

The acquisition will see Hanwha Life Indonesia acquire a 47.7% stake, with Hanwha General Insurance taking a 14.9% stake.

Lippo General Insurance is currently ranked as the 14th largest insurer in the Indonesian market, with the second-largest market share for health and accident insurance.

Hanwha Life Indonesia aims to use the acquisition to create a product portfolio that covers both life and non-life insurance, based on the horizontal integration of local insurance companies.

Write to Jin-Woo Park at youpen@hankyung.com