The financial services firm has a new chief in Indonesia.

Manulife Indonesia, part of Canada-headquartered financial group Manulife, has appointed Indren Naidoo as its new chief executive. He is based in Jakarta. He is replacing Chris Bendl, former CEO and president director.

Prior to his new position, Naidoo was regional CEO for Thailand, Vietnam and Cambodia at the same firm, a role he held since 2013.

Naidoo said: “With a rapidly growing middle class and a low insurance penetration rate in the world’s fourth most populous country, there are huge opportunities for Manulife to help Indonesian families achieve their dreams and aspirations.”

Before joining Manulife in 2009, he was chief financial officer for major multinational life insurance companies in Asia. An Australian citizen, he also spent over 12 years with ANZ Banking Group in Australia, where he worked in corporate and retail banking.

PT Asuransi Jiwa Manulife Indonesia (Manulife Indonesia) was set up in 1985. It serves more than 2.2 million clients in Indonesia.