The talks would see Aviva – which has so far refused to comment on the reports – partner with the automotive group to sell life policies into the country. If successful, it is thought that Aviva and Astra may then explore sales channels in other countries in the region. Indonesia is South East Asia’s fastest growing economy.
While Aviva already has a foothold in Indonesia through its 2010 deal to buy 60% of health insurer PT Asuransi Winterthur Life, it has no exposure yet in the country’s rapidly expanding life insurance market.
At the same time Aviva is undergoing a global restructure and Wilson – a former CEO of pan Asian life group AIA – is known to only want to get into markets where the company can take a strong position.
Aviva is currently winding down or disposing of many of its non-core business units and Wilson has already completed a sale of its Malaysian joint venture.
Astra is wholly owned by Jardine Matheson, which has been trading in China since 1832. The conglomerate has operations across a number of sectors in the region, including insurance, construction, engineering and retail. Aviva’s half year results are due to be announced next week.
