Manulife eyes 25% growth<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
PT Asuransi Jiwa Manulife Indonesia (AJMI), a local unit of
\nCanada's largest insurer, Manulife Financial Corp., is confident
\nrevenue from its insurance premiums will grow by at least 25
\npercent this year on higher economic growth in the country.<\/p>\n
AJMI president director John Harrison said on Tuesday the
\ncompany expected premium revenue to increase to at least Rp 1.8
\ntrillion (US$185 million) this year from Rp 1.4 trillion last
\nyear.<\/p>\n
\"We are projecting solid growth of more than 25 percent this
\nyear. Our policyholders have so far grown from 850,000 at the
\nbeginning of the year to 900,000,\" he said after meeting with
\nVice President Jusuf Kalla.<\/p>\n
The meeting was also attended by Manulife Financial chief
\nexecutive officer Dominic D'Alessandro and a number of officials
\nfrom the Canadian Embassy.<\/p>\n
During the meeting, the company emphasized its commitment to
\nexpanding its business in Indonesia by seeking acquisition
\nopportunities, as well as ways to expand the domestic insurance
\nmarket.<\/p>\n
\"We have been here for 20 years and we are comfortable with
\nthe country ... (but) the penetration of insurance in this
\ncountry is very low. If the economy grows higher, the opportunity
\nwill become more vivid and more real,\" said D'Alessandro.<\/p>\n
The government is targeting economic growth of at least 6
\npercent this year, on the back of more stable economic and
\nsecurity conditions, as well as an anti-corruption drive.<\/p>\n
Aside from the insurance business the company is also engaged
\nin managing mutual funds, with its largest investment portfolio
\ncurrently comprised of government bonds worth about $900 million,
\nHarrison said.<\/p>\n
In total, the company is managing assets worth some $1.5
\nbillion. Its business has expanded to 36 cities throughout the
\ncountry and is supported by about 4,000 insurance agents.<\/p>",
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"sponsor": "Okusi Associates",
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