Indonesia has 245 million people and recorded a 6.2 per cent gross domestic product growth in 2012. It is one of the fastest growing life insurance markets globally, with low levels of penetration and a rapidly expanding middle class. From 2000 to 2012, life insurance premiums went up at a compound annual growth rate of 25 per cent, said the firm in a statement. 

The venture is expected to be launched before the end of 2014.