Tempo and NatMut join forces<\/p>\n
JP\/afs<\/p>\n
Indonesia's Tempo Group and Australia's National Mutual Group
\nannounced yesterday the operation of their joint life insurance
\nventure, PT Tempo National Mutual Life (TNML), with an authorized
\ncapital of Rp 30 billion (US$12.48 million).<\/p>\n
"The joint venture, with a paid up capital Rp 15.7 billion, is
\n80 percent owned by National Mutual Group and 20 percent by Tempo
\nGroup," TNML's president, Chee Cheong, said yesterday.<\/p>\n
The picture shows from left to right, Suyoto, the director for
\ninsurances at the ministry of finance, Dian Tamzil, the
\nchairwoman of Tempo Group, Murray Cubban, the deputy head of
\nmission at the Australian embassy, Geoff Webb and Geoff Webb, the
\nmanaging director of National Mutual International at a reception
\nto launch the insurance company's operation.<\/p>\n
TNML was established in 1993 as PT Tempo National Life, a
\nsubsidiary of Tempo Group. The Ministry of Finance allowed
\nNational Mutul Group to join in the company last January.<\/p>\n
The government allows local insurance companies to set up
\njoint ventures with foreign partners two years after starting
\noperation with a minimum capital of Rp 4.5 billion, as compared
\nto Rp 2 billion required for the establishment of a domestic
\ninsurance company.<\/p>\n
TNML's chief commissioner, Gunawan Sudarmadji, said he was
\noptimistic about the insurance industry in Indonesia because of
\nits big population, expanding middle class, the sustainability of
\nits economic growth and an increase in awareness of insurance.<\/p>\n
Chee said the current ratio of policy holders to per capita
\ngross domestic product was still very low at 0.5 percent. The
\nratio in ASEAN is 1.3 percent.<\/p>\n
The ratio in the Organization for Economics Corporation and
\nDevelopment is 5 percent.<\/p>\n
"We expect to make profit in seven years," he said.<\/p>\n
TNML lost Rp 2.12 billion in 1994 and another Rp 2.39 billion
\nin 1995. (10)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/tempo-and-natmut-join-forces-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}