Debevoise & Plimpton LLP has advised Prudential Financial, Inc. (“PFI”) in the creation of a joint venture, alongside CT Corp, to provide life insurance solutions to a broad spectrum of people in Indonesia through a multi-channel distribution strategy.
Under the agreement, which has been approved by the OJK in Indonesia, PFI subsidiary Pruco Life Insurance Company has acquired a 49% interest in CT Corp’s wholly-owned life insurance subsidiary, PT Asuransi Jiwa Mega Indonesia.
As a global leader in financial protection, retirement and asset management, PFI’s businesses work toward making long-term financial security a reality for millions of people around the world. The company serves retail and institutional customers in more than 40 countries worldwide, including Japan, South Korea, Taiwan, China, Malaysia and India. As of Dec. 31, 2016, the company had approximately $3.7 trillion of gross life insurance in force worldwide, including Closed Block policies.
Founded in 1987, CT Corp is the largest Indonesian consumer-focused company, managing more than $10 billion in assets and more than 100,000 employees. The group is a leading player in the financial services, media, retail, property, lifestyle and entertainment sectors in Indonesia.
The Debevoise team advising PFI in the joint venture was led by Hong Kong partner Edwin Northover and New York partner John M. Vasily. The team also included partner E. Drew Dutton, counsel Judith L. Church, and associates Allison Lee and Jayne So. Tax advice was provided by New York partner Gary Friedman and associate Robert Nelson-Sullivan. Finance advice was provided by London partner Alan J. Davies and associate Michelle Gilmore.
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