Manulife Financial Corp.’s Indonesian subsidiary, PT Asuransi Jiwa Manulife Indonesia, has entered into an agreement to acquire the Indonesian life business of Zurich Financial Group, PT Zurich Life Insurance Indonesia (Zurich), subject to regulatory approval.

The sale follows Zurich’s decision to exit the Indonesian insurance market. Terms of the deal were not disclosed.

“This acquisition is positive for the Indonesian life insurance industry and further demonstrates Manulife’s commitment to both the Indonesian market and the financial security of our customers,” said Vic Apps, executive vice president and general manager of Manulife’s Asian operations, in a news release.

“The acquisition of PT Zurich Life Insurance Indonesia will bring more than 1,000 professional agents on board, greatly accelerating our growth and service opportunities,” said John Harrison, president director of Manulife Indonesia.