The insurer is also expanding into credit coverage.
Indonesian insurer PT Lippo General Insurance Tbk. (LGI) is positioned for steady operational expansion, backed by active portfolio management and strategic backing from ultimate parent Hanwha Life Insurance Co., Ltd.
LGI plays a core role in Hanwha Life’s strategy to build a comprehensive financial hub in Indonesia, AM Best said.
Integration into the parent company is progressing, including a planned rebranding to Hanwha within the next few years.
Hanwha Life and immediate parent Hanwha General Insurance are expected to provide capital support whenever needed.
Leveraging its parent’s origin, LGI has achieved notable growth in the Korea Interests Abroad business through relationships with Korean corporations.
LGI’s premium growth has outpaced the domestic industry, driven by rate increases in health insurance and its expansion into credit insurance.