TORONTO, March 23 (Reuters) - Canadian insurer Sun Life Financial said on Wednesday it had agreed to buy the remaining 51 percent of CIMB Sun Life (CSL) in Indonesia from its partner CIMB Group to further expand its presence in a key Asian market.
Sun Life Financial, which currently owns large stakes in the life insurance companies - 49 percent of CSL and 100 percent of Sun Life Financial Indonesia - said it intends to integrate the businesses to create a “single presence” in Indonesia.
Kevin Strain, President of Sun Life Financial Asia said Indonesia was a priority market for Sun Life’s long-term growth plans in the region.
“We had anticipated and positioned ourselves well to meet the “single presence” policy, and uniting the businesses in SLF Indonesia will give us even greater ability to serve our customers,” Strain said in a statement.
The financial terms of the transaction were not disclosed. (Reporting by Matt Scuffham, editing by G Crosse)