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)