Astra International mulls sale if insurance business

The deal could value the business at $500m.

Indonesian conglomerate Astra International is mulling the potential sale of its life insurance business PT Asuransi Jiwa Astra (Astra Life).

In a report by Bloomberg, the company is supposedly working with a financial advisor for the sale. The deal could potentially value the business at $500m.

ALSO READ: Insurtech KoverNow launches protection for luxury watches

Astra International is said to be mulling a variety of options such as a partial stake sale, setting up a joint venture company, and a bancassurance partnership.

The discussion is still at the early stages and it is still possible Astra International would decide to retain the asset, the report said.