Insurance firm Panininvest (PNIN) purchased 157.76 million shares of Panin Financial (PNLF) for Rp44 billion. PNIN purchased PNLF shares at Rp 268 to Rp284. The purpose of the purchase is to increase Paninvest’s investment in Panin Financial. After the purchase of shares, Paninvest holds 54.8% shares of Panin Financial, while public holds the remaining. Per September of 2018, Panin Financial assets reached Rp 27.26 trillion. It booked net profit of Rp 1.29 trillion.