Mapfre S A : Agreement with Aseana Insurance for the sale of Abda and Abda Assistance
March 07, 2022 at 02:59 am EST
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Agreement with Aseana Insurance for the sale of Abda and Abda Assistance
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MAPFRE hereby informs that, in execution of its decision to exit the Indonesian insurance market, it has reached an agreement with Aseana Insurance Pte. Ltd, an entity domiciled in Singapore and belonging to investment funds managed or advised by Warburg Pincus LLC, for the sale of the entirety of its holdings in the companies PT ASURANSI BINA DANA ARTA TBK (ABDA) and PT MAPFRE ABDA ASSISTANCE (ABDA ASSISTANCE) which reach 62.33% and 51.00%, respectively.
The consideration for this transaction reaches 62.9 million dollars, equivalent to approximately 56.6 million euros, which will generate a result net of taxes of approximately 600,000 euros, at the current date.
MAPFRE initiated its shareholding in ABDA in 2013 and 2017, through successive acquisitions for a total amount of 152.59 million euros and recording an impairment in 2019 and 2020 of 102 million euros.
In the case of ABDA ASSISTANCE, it was established by MAPFRE ASISTENCIA in 2015 and has a total equity of 775,000 euros.
The definitive close of this transaction will be executed according to the terms of the contract, which includes the approval of the corresponding authorities.
Redacción MAPFRE2022-03-07T07:43:53+00:007 March 2022|Categories: Corporate News|
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Mapfre SA published this content on 07 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2022 07:58:03 UTC.
Mapfre S.A. is an insurance group organized around three areas of activity:
- non-life insurance (63.5% of written premiums): automotive insurance (38.3% of written premiums), P&C insurance (26.7%), accident and health insurance (11.4%) and other (33.6%);
- life insurance (19.2%);
- reinsurance (17.3%).
At the end of 2021, products are marketed through a network of 15 354 branches located in Iberia (8,992), Latin America (5,914), Eurasia (420) and North America (28).
Revenues break down geographically as follows: Iberia (41.8%), Eurasia (7.4%), Brazil (18.4%), Latin America (20.9%), North America (10.9%) and other (0.6%).
MAPFRE S.A. 
