BancBali to expand target markets

BancBali to expand target markets

JAKARTA (JP): Insurance company PT Prudential BancBali Life
will further expand its insurance services into the low and
middle markets in a bid to boost future revenues, the groups
newly appointed president Kevin Holmgren (left) said here on
Tuesday.

"There are substantial opportunities in the middle to lower
markets, which was found in Malaysia as well, and we will pursue
that strategy in the near future," he said in a media briefing
here.

Replacing Ed Navarro, Holmgren assumed the position as of Jan.
1, after previously heading Prudential's agency development, and
has had over 18 years experience in the life insurance industry.

In Indonesia, Holmgren said that he would explore the
potential of life insurance for the middle to lower markets,
while continuing to improve services for Prudential BancBali's
traditional middle and upper market.

Prudential BancBali chief financial officer Richard Taylor
(right) said that London-based Prudential Plc. injected
additional capital of Rp 14 billion into BancBali, raising its
total paid-up capital to Rp 75 billion.

With the additional capital Prudential's share in Prudential
BancBali increased from 80 percent to 91 percent, with nine
percent owned by Bank Bali, he said.

Holmgren and Taylor were accompanied by Nini Sumohandoyo,
Prudential BancBali's assistant vice resident for corporate
marketing and communications (center). (tnt)