Bumiputera to raise premium 14.3%

Bumiputera to raise premium 14.3%

JAKARTA: Life insurance company Bumiputera 1912, which recorded a 23.5 percent increase in its 2002 premium income, set an optimistic target of an additional increase of 14.3 percent for 2003.

"Our premium income increased to Rp 2.1 trillion (US$233.3 million) in 2002, from Rp 1.7 trillion in the previous year. And we expect it to increase further to Rp 2.4 trillion this year," president director Madjdi Ali said during a press conference on Friday.

"Claims paid to policyholders rose by 7 percent, from Rp 1.19 trillion in 2001 to Rp 1.19 trillion in 2002," he said, adding, "The claims are expected to reach Rp 1.3 trillion this year."

The number of the company's policyholders increased from 7.5 million at then end of 2001 to 8.6 million at the end of 2002.

"It is expected to exceed 10 million as of the end of 2003," he added. -- JP