Panin Life turns into a paper company?

An analyst told me about Reuters news today that Malaysia's Maybank and PT Panin Life Tbk entered into a JV agreement to build a life insurance company where Maybank controls 60% share and Panin Life with 40%. "Looks like Lippo Life's transaction with AIG where Lippo actually offloaded its life insurance operation to AIG and turns into a paper company," the famous analyst said.

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