Asuransi Bintang nets 29 percent increase in premiums

JAKARTA (JP): PT Asuransi Bintang, a public general insurance company, netted a total premium income of Rp 27.4 billion (US$12.69 million) in 1993, up by 29 percent from Rp 21.24 billion ($9.83 million) in 1992, the company's president Bahder Munir Sjamsoeddin said.

After chairing his company's annual shareholders meeting here yesterday, Munir told newsmen that the growth was supported by several factors including the agreement reached between insurance and re-insurance companies that imposed minimum premium rates.

He also said that Bintang's investment income totaled Rp 801.7 million last year or 9.4 percent of its total investment. In 1992, the return on investment was 12.7 percent.

"The decrease was caused by the losses from our investment in overseas securities," he said.

He said that his company actually suffered an operating loss of Rp 421.3 million but this loss could be covered by other incomes totaling Rp 1.24 billion, obtained from foreign exchange rate gains and the sales unused fixed assets.

"Bintang, therefore, still posted a net profit of Rp 465.72 million last year, but was down from Rp 478.27 million in 1992.

Net earnings per share in 1993 amounted to Rp 101, as against Rp 104 in 1992, Munir said.

Yesterday's meeting agreed that Bintang will distribute cash dividends of Rp 60 per share to its shareholders on Aug. 22. Shareholders also agreed to reelect Munir and Judilherry Justam as the company's directors, and to elect Sri Soehardjo as Bintang's new director to replace outgoing Sudirman Noordeen.

Bintang, which was established in March 1955, is listed on Jakarta and Surabaya stock exchanges. The company's shares are currently traded at around Rp 2,000.(icn)