Insurance firm, PT FWD Life Indonesia has completed the acquisition of PT Commonwealth Life from Commonwealth Bank of Australia. After the deal, the company rebranded the business to PT FWD Insurance Indonesia.
In 2018, Commonwealth Bank announced the sale of its 80% interest in its Indonesian life insurance business to Hong Kong-based FWD Group for US$426 million, with potential additional payments payable over time, subject to the performance of the distribution partnership.
Under the terms of the partnership, its Indonesian banking business, Bank Commonwealth will continue to earn income on the distribution of life insurance products. As part of the Transaction, BC will enter into a 15-year life insurance distribution partnership with FWD.