MetLife Inc. said it is leaving the direct insurance business in Indonesia and has agreed to sell its PT MetLife Sejahtera subsidiary there.
The stock purchase agreement, announced Friday, is expected to close at yearend. The price was not disclosed.
Vivien Kusumowardhani, a director of the Indonesian subsidiary, said MetLife will work with the buyer, PT Asuransi Jiwa Sequis Life, to insure a smooth transition. Sequis Life is Indonesia’s largest private life insurance company; it had assets valued at $255.7 million on March 31.
MetLife said it would maintain a reinsurance presence in Indonesia through a recently acquired Australian operation.
