{
    "success": true,
    "data": {
        "id": 1477965,
        "msgid": "allianz-utama-net-income-up-46-in-2003-on-expansion-1447893297",
        "date": "2004-03-20 00:00:00",
        "title": "Allianz Utama net income up 46% in 2003 on expansion",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Allianz Utama net income up 46% in 2003 on expansion The Jakarta Post, Jakarta Insurance company PT Allianz Utama Indonesia recorded a 46.1 percent increase in 2003 net income compared with the previous year, a company press release said on Friday. The Indonesian unit of German insurance company Allianz AG posted net income of Rp 38.57 billion in 2003, up from Rp 26.4 billion the year before.",
        "content": "<p>Allianz Utama net income up 46% in 2003 on expansion<\/p>\n<p>The Jakarta Post, Jakarta<\/p>\n<p>Insurance company PT Allianz Utama Indonesia recorded a 46.1<br>\npercent increase in 2003 net income compared with the previous<br>\nyear, a company press release said on Friday.<\/p>\n<p>The Indonesian unit of German insurance company Allianz AG<br>\nposted net income of Rp 38.57 billion in 2003, up from Rp 26.4<br>\nbillion the year before.<\/p>\n<p>Allianz president director Klaus Voeste attributed the strong<br>\ngrowth partly to the expansion of its customer base and also to<br>\ninvestment in its distribution network.<\/p>\n<p>Allianz Utama recorded significant increases in both the size<br>\nof its customer base and the number of policies sold.<\/p>\n<p>In 2003, the base grew by 37 percent while the number of<br>\npolicies issued grew by more than 40 percent, to over 53,000.<\/p>\n<p>\"These positive results indicate customer confidence in the<br>\ncompany as well as better optimization of the company's<br>\nmultichannel distribution network,\" Voeste said in the release.<\/p>\n<p>In order to strengthen the distribution network, Allianz<br>\nincreased its investment in 2003 by 45.3 percent from Rp 157.5<br>\nbillion to Rp 228.7 billion.<\/p>\n<p>\"We successfully generated investment income of Rp 28 billion,<br>\nan increase of 50.5 percent year-on-year,\" explained Voeste.<\/p>\n<p>Premium income generated by personal lines business increased<br>\nby 67 percent compared with the previous year, to Rp 50.7<br>\nbillion. The company's retail portfolio now accounts for almost<br>\n10 percent of the company's gross written premium (GWP) income.<\/p>\n<p>GWP was Rp 565.1 billion in 2003, a slight decrease from Rp<br>\n579.5 billion the year before.<\/p>\n<p>The decline was a result of the company's decision to impose<br>\nmore prudent underwriting measures, which led to a decline in<br>\npremium income in the corporate sector.<\/p>\n<p>Voeste said the company was optimistic of achieving better<br>\ngrowth this year and set a target GWP of Rp 650 billion for this<br>\nyear.<\/p>\n<p>The company solvency ratio was 150 percent.<\/p>\n<p>PT Asuransi Allianz Utama is Indonesia's largest joint-venture<br>\nproperty and casualty insurance operation, with 6 branch offices<br>\nand 15 points of sale nationwide.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/allianz-utama-net-income-up-46-in-2003-on-expansion-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}