Fri, 19 Mar 1999

Astra CMG plans expansion

JAKARTA (JP): Astra CMG Life, a joint venture life insurance company owned by the Astra Group and Colonial Limited of Australia operating in Asia as CMG, will go ahead with its expansion plan despite the country's economic crisis, the company has said.

The life insurance company has announced that CMG Life will extend its sales office network during 1999 and will have representation in 16 cities in Indonesia by the end of the year.

"Colonial Group believes that the Indonesian life insurance industry has great potential despite the current economic issues facing Indonesia," said Rob Garnsworthy, managing director of Colonial International Financial Services.

Astra CMG Life was established in 1992 and has sales offices in all the country's major provinces. It booked a 55 percent growth in revenue last year.

At present the company has 315,000 customer relationships throughout the archipelago, the company said. (hen)