Axa-Mandiri to launch product in Q4

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