French insurer AXA has merged two Indonesia-based units, PT AXA Life Indonesia and PT AXA Financial Indonesia, to comply with local rules regarding sole proprietorship.
The combined entity will operate under the name AXA Financial Indonesia, with all AXA Life Indonesia assets and liabilities transferred to AXA Financial Indonesia, according to a Nov. 2 statement.
Indonesia's Insurance Law, passed in 2014, introduced a single presence policy, which states that a single party can only be the controlling shareholder for each type of insurance company.
The merger will help extend AXA's presence across Indonesia and enable the company to focus on customer needs with broader channels including agency channels, telemarketing and digital, said AXA Indonesia CEO Paul-Henri Rastoul.
The combined AXA Financial Indonesia entity will be led by President Director Budi Tampubolon.
