Allianz enjoys growing business in Indonesia
Allianz enjoys growing business in Indonesia
The Jakarta Post, Jakarta
Multinational insurer Allianz Group affirmed its long-term
commitment to Indonesia during a presentation on Tuesday of the
2001 results for its two local companies, PT Asuransi Allianz
Life Indonesia and PT Asuransi Allianz Utama Indonesia.
Despite difficult economic circumstances, Allianz Life
Indonesia president Frank Levene said the business was now among
Indonesia's top five joint venture life insurance companies.
Allianz Life Indonesia's gross written premium for 2001
increased 96 percent to Rp 227 billion (US$21.83 million) from
the previous year, with total assets also up 96 percent to Rp
394.65 billion in the same period.
The company had expanded from 28 sales branches to 120 sales
branches in more than 60 locations throughout Indonesia, and
posted an 86 percent increase in premium income for 2001.
Allianz Utama Indonesia president Uwe Michel was particularly
optimistic about the nonlife insurance venture's potential to
penetrate the retail market, through new product lines for small
and medium scale enterprises and coverage for shophouses.
Allianz Utama Indonesia reported a 62.35 percent growth in
gross written premium to Rp 500.88 billion from the previous
year, with pretax profits up 31.55 percent to Rp 18.08 billion,
and shareholder funds posting an improvement of 25.7 per cent.
Michel said Allianz Utama would continue to grant clients
coverage for terrorism and sabotage, despite an overwhelming move
not to cover political risks following the World Trade Center
attacks in September last year.
Allianz predicted the insurance industry would experience
growth of 30 percent to 35 percent in 2002, despite the slow pace
of economic recovery.
The Allianz Group is one of the world's largest financial
operations, posting a worldwide gross written premium of $50.4
billion to third quarter 2001, with a net profit of $1.2 billion
and assets under management of approximately $1.03 trillion.