Axa-Mandiri to launch product in Q4

JAKARTA: PT Axa Life Indonesia and Bank Mandiri are to launch their first insurance and investment products by the end of this year, AxaLife's president Richard A. Vargo said on Wednesday.

The products will be sold by their joint venture called PT Axa Mandiri Financial Services.

Vargo, who recently took up his post in Indonesia, said with the new partnership, AxaLife aimed "to be one of the top three life insurance providers (in the country) based on new business premium market share."

Currently, the France-based insurance company ranks eighth in the country in terms of new premium revenue.

This year, it aims to gain Rp 160 billion in new premium revenue, up from last year's revenue of Rp 154 billion (US$18.11 million).

As of the end of June this year, it had obtained Rp 90 billion in new premium revenue, a 18 percent increase over the same period last year.

PT Axa Life Indonesia is 80 percent owned by Axa Asia Pacific Holding (Axa APH), while the rest is owned by consumer goods conglomerate Tempo Group. Meanwhile, PT Axa Mandiri Financial Services is 51 percent owned by Axa APH while Mandiri 49 percent. -JP