Principal Indonesia seeks local partners<\/p>\n
JAKARTA (JP): PT Asuransi Jiwa Principal Indonesia plans to
\nally with or acquire several local insurance and finance
\ncompanies in a bid to expand its business in Indonesia, the
\ncompany's vice president Iskandar Sutadisastra said on Wednesday.<\/p>\n
\"We are looking for companies with high growth potential that
\nhave a wide network of branches, and we have set aside between
\nUS$30 million and $100 million for new investment,\" Iskandar told
\nreporters.<\/p>\n
Iskandar added that his company saw a great potential for
\nlong-term growth in the insurance industry in Indonesia in spite
\nof the present crisis.<\/p>\n
Principal, he said, booked Rp 5 billion (about US$568,180) in
\npremium revenues last year, up sharply from Rp 1 billion in 1997.<\/p>\n
Doug Rasmussen, the company's director, said the government's
\nplan to remove the monopoly granted to state-owned insurance
\ncompany PT Jamsostek was an opportunity Principal Indonesia would
\nnot want to miss.<\/p>\n
\"We are at the final stage of negotiations for an alliance
\nagreement with the three state-owned firms which will soon be the
\ncompetitors of PT Jamsostek,\" Doug said.<\/p>\n
\"In these deals Principal Insurance will be a service
\nprovider,\" he added.<\/p>\n
He explained that services Principal Indonesia can provide
\ninclude administration and investment management.<\/p>\n
Principal Indonesia is an insurance company operating
\nretirement plans, employee benefit plans as well as medical and
\nlife insurance.<\/p>\n
The company is owned by The Principal Financial Group (80
\npercent) and PT Griyawirya Mudamaju (20 percent).<\/p>\n
The Principal Financial Group is a Des Moines, Iowa-based
\ninsurance company with more than $80 billion in assets under
\nmanagement worldwide. (02)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/principal-indonesia-seeks-local-partners-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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