Zurich has invested an undisclosed amount for an 80% stake in PT Asuransi Adira Dinamika, one of Indonesia’s key general insurers with $US170.4 million ($251.8 million) in gross written premium (GWP) last year.

The deal includes long-term distribution agreements with Bank Danamon, which will remain a minority shareholder with 20% after the sale.

“Indonesia’s growing economy, rapidly expanding middle class and low insurance penetration presents great opportunities,” Zurich CEO Asia Pacific Jack Howell said.

“The acquisition…is a good illustration of our strategy of achieving positions of scale in attractive growth markets and strengthening our distribution channels.”