Bintang eyes 19% hike in premium income

JAKARTA (JP): Publicly listed general insurance company PT Bintang Asuransi expects a total income of Rp 162.5 billion (US$13.5 million) this year, an increase of 19 percent from last year's Rp 136.6 billion.

Bintang president Ariyanti Suliyanto said the increase would come partly from a continuing increase in its consumer or retail market segment including vehicle, house and health insurances.

"We hope the consumer market will contribute about 17 percent to our premium income this year from 13 percent in 2000," she said after the company's annual shareholders meeting.

The consumer market segment started to contribute more after Bintang launched vehicle and house insurance products called Perisay Mobil Individual and Perisay Rumah Seisinya in 1999, she said.

Bintang also launched Perisay Sehat Individual health insurance this year in an effort to increase the company's income.

Ariyanti said that although corporate clients still contributed the largest portion of income, their total contribution continued to decline due to low insurance rates, especially for fire coverage, which had been under pressure due to tight competition among local insurance companies.

"We only hope the rates will soon recover," she said.

At the meeting, shareholders also agreed to change the composition of the board of commissioners and board of executives.

Soedarpo Sastrosatomo was installed as chief commissioner of the new board of commissioners, replacing Idham who will retire.

B. Munir Sjamsoeddin, Amir Abadi Yusuf, Indraningsih Wibowo and Andy Roestam Moenaf were endorsed as the members of the board of commissioners.

The shareholders retained Ariyanti Suliyanto as company president and Djunaidi Mahari as director, but appointed Arizal ER as another director to replace Muhammad Iqbal.

The shareholders also agreed to the management's proposal to pay a cash dividend of Rp 70 per share during the meeting.(05)