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Indonesia’s Astra Weighs Options for Life Insurance Unit

  • Conglomerate is working with adviser on strategic review
  • A transaction could value life insurer at up to $500 million

PT Astra International is considering options for its life insurance unit including a potential sale that could value the business at as much as $500 million, according to people with knowledge of the matter.

The Jakarta-listed conglomerate is working with a financial adviser on a review of PT Asuransi Jiwa Astra, also known as Astra Life, said the people, who asked not to be identified as the process is private. In addition to a full sale, other options under consideration include a partial sale and setting up a joint venture, the people said. A deal could also involve a so-called bancassurance partnership, in which an insurer could to sell its products in a bank’s branches and other retail channels for a set period, they added.