Mapfre evacuates Indonesian market, nets €8.4m on sale

Spanish based insurer  Mapfre has completed its evacuation from the Indonesian market, dumping its majority stakes in two local units.

In the transaction pre-announced in March, Mapfre is selling its 62% stake in non-life insurer Asuransi ABDA and its 51% stake in assistance and services unit ABDA Assistance.

Mapfre will sweep in $62.9 million in the deal and book a profit of €8.4 million, management said in its market filing.

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