Principal committed to Indonesian market<\/p>\n
JAKARTA (JP): Iowa-based pension fund company Principal
\nFinancial Group says it is committed to Indonesia's long-term
\nprospects despite the current crisis.<\/p>\n
The company's president, J. Barry Griswell, announced here
\nrecently that Indonesia's 207 million population was a vast
\nmarket for an insurance company like Principal Financial Group,
\nwhich runs a retirement fund scheme.<\/p>\n
\"Though Indonesia is facing its worst-hit crisis in decades,
\nit remains an important market for us,\" he said.<\/p>\n
Principal Financial Group has a strong presence here through
\nPT Asuransi Jiwa Principal Indonesia, which also offers a defined
\ncontribution plan through Dana Pensiun Lembaga Keuangan Principal
\nEgalita Indonesia.<\/p>\n
As of the end of 1997, Principal Indonesia, established in
\n1994 with a paid-up capital of Rp 28.21 billion (about US$3.1
\nmillion at current rate), managed total assets worth Rp 1.24
\nbillion and collected premiums worth Rp 511,940 million.<\/p>\n
Principal Indonesia's vice president, Iskandar Sutadisastra,
\nsaid the country's retirement funds industry had not been
\noptimally exploited.<\/p>\n
Citing data from the Ministry of Finance, he said that of the
\ncountry's total 36 million salaried employees, only one million
\nemployees had joined a pension fund.<\/p>\n
\"This means that the country's pension fund business remains a
\nlucrative market to tap,\" he said. (aly)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/principal-committed-to-indonesian-market-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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