After acquired PT Commonwealth Life, Thai general insurer Siam City Insurance and Vietcombank-Cardif Life Insurance, Hong Kong-based FWD Group now bought PT Asuransi BRI Life shares. The local insurance firm owned by state-owned lender, Bank Rakyat Indonesia (BBRI).

The group has signed a conditional agreement to purchase a significant minority stake in BRI Life from the state run bank. The moves would diversify the company’ Southeast Asia portfolio, and add to its regional businesses.

It said, FWD Group it would work with the bank as part of a strategic partnership and contribute to the management and transformation of BRI Life into a leading life insurance company in Indonesia. BRI Life will sign a 15-year life insurances distribution agreement with the largest assets in the country after the agreement.