Allianz branches into Bali

JAKARTA (JP): Allianz AG, the Germany-based insurance company, opened a new branch office in Bali on Friday as part of its expansion program.

The new office will be occupied by Allianz Utama, which deals with general insurance, and Allianz Life, which deals with life insurance, according to a statement issued by Allianz Utama.

Allianz AG has similar combined operations in Medan, Makassar and Semarang. Branches in Yogyakarta, Palembang, Manado and Bandar Lampung will follow this year, it said.

"This expansion program will help the parent company achieve its goal of becoming one of the big five insurance companies in every country in which it operates," it said.

With three million people, 15 percent export growth every year and 2.17 percent growth in its services sector in 1999, Bali is a potential market for general and life insurance, the company said. (05)