Jasindo expects 10 percent increase in profit this year<\/p>\n
JAKARTA (JP): PT Asuransi Jasa Indonesia (Jasindo) expects a
\n10 percent increase in premium income and net profit this year,
\nan executive of the state-owned insurance company said yesterday.<\/p>\n
Company president Amir Imam Poeroe said here yesterday that
\nnext year's net profit would far exceed the initial target of Rp
\n25 billion (US$9.65 million).<\/p>\n
Amir said the insurance company's premium income rose 4
\npercent to Rp 450 billion last year from Rp 430 billion in 1995
\nwhile net profit rose 65 percent to Rp 26.5 billion from Rp 16
\nbillion in 1995.<\/p>\n
Amir was speaking to reporters after the presentation ceremony
\nof an ISO 9002 certificate from PT Sucofindo International
\nCertification Services (SICS) to the insurance company.<\/p>\n
He said Jasindo was the first Indonesian state-owned insurance
\ncompany to get the ISO 9002 certificate.<\/p>\n
Amir said the insurance company did not have any plan to float
\nits share in the capital market even though its financial
\nperformances showed encouraging results in the last few years.<\/p>\n
"What's the point of going public if we can still generate
\nfunds from the public through our insurance scheme?" he asked.<\/p>\n
A U.S.-based rating agency Standard and Poor's (S&P) gave a
\ntriple B (BBB) rating to the company in June this year reflecting
\nthe company's leading market position, good financial structure
\nand profitable earning track record.<\/p>\n
S&P said Jasindo's financial position was sound, with a
\nsatisfactory capital base assisted by the recent capitalization
\nof an Rp 80 billion government loan and sound reinsurance
\narrangements, although there was a high reliance on reinsurance
\nreceivables at various times.<\/p>\n
The company, which derives 60 percent of its premiums from
\ngovernment business, has a 19 percent market share in Indonesia's
\ninsurance business.<\/p>\n
The company has been chosen to lead a consortium of local and
\nforeign insurance companies to insure four new Indonesia
\nsatellites for US$350 million.<\/p>\n
The satellites, to be launched within the next two years, will
\nbe operated by state-owned PT Telkom and two subsidiaries of PT
\nPacific Satelit Nusantara. (aly)<\/p>",
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