Allianz records 68% growth
Allianz records 68% growth
JAKARTA: Insurance firm PT Asuransi Allianz Life Indonesia recorded Rp 266.7 billion (U$31.3 million) in gross written premiums in the first half of the year, a 68 percent increase on the same period last year.
The firm offers products like health and life insurance, the former being its fastest-growing business line.
The firm is among the top 10 life insurance companies in Indonesia, with 230 branches in 35 cities throughout the country and 250,000 individual and corporate customers.
The company said in a statement that during the same period its sister company PT Asuransi Allianz Utama Indonesia, which offers products like property and engineering insurance, booked Rp 320.7 billion in gross written premiums, up 32 percent on the same period last year.
Allianz Utama has 7 branch offices nationwide.
Both firms are subsidiaries of German financial giant Allianz AG. -JP
;; ANPAf..r.. CorporateBrief-PGN-bond PGN to price global bond today JP/14/PGN
PGN to price global bond today
JAKARTA: Indonesia's state-owned gas utility PT Perusahaan Gas Negara will price its US$150-million global bond on Wednesday in Singapore, an official with the company said on Tuesday.
Washington Simanjuntak, PGN's president, told reporters that the company will price the 10-year bond at a yield not more than 8 percent.
People familiar with the deal had said PGN was seeking a 7.75 percent yield.
"We will dismiss bids asking for yields above 8 percent," Simanjuntak added.
He confirmed on Monday report by Dow Jones that the company had decided to reduce the bond size to $150 million from $200 million. The company was forced to delay the bond issue after the Jakarta hotel bombing last month affected sentiment in the local bond market.
The company hopes that by lowering the offer amount it will still be able to price the bond at the original indicative level.
Still, Washington said he's hopeful the company will sell $200 million Wednesday as market sentiment is improving.
PGN will use the money raised to help finance its South Sumatra-West Java gas pipeline project. -- Dow Jones
;; ANPAf..r.. CorporateBrief-S'pore-RI Singaporean eyes Jakarta market JP/14/Jakarta
Singaporean eyes Jakarta market
SINGAPORE: A Singapore-based tycoon is pumping millions of dollars into a Jakarta car complex that will house a showroom and after-sales facility for Porsche, Rolls-Royce and Saab.
"I'm really focusing a lot of energy on Indonesia," Karsono Kwee told The Straits Times on Tuesday. "The people there are either very poor or very rich," he said. "The market has a lot of potential."
Kwee, who landed the Rolls-Royce, Porsche and Saab franchises for Indonesia, is spending S$10 million (US$5.6 million) to build a four-storey complex in Pondok Indah, a prestigious commercial district of the capital.
The building, on a 2,250-square-meter plot, is expected to be completed in December.
It will be followed by another in Surabaya in the next six to 12 months, said Kwee, who also sells Porsches, Rolls-Royces, Saabs, Opels and Mg Rovers in Singapore.
A native of Surabaya, Kwee said that his plans were undeterred by the recent bomb blast that rocked the JW Marriott Hotel in Jakarta. -- DPA