Caltex joins Principal

JAKARTA (JP): Approximately 5,000 employees of PT Caltex Pacific Indonesia have joined Principal Indonesia's pension program, Principal's managing director Doug Rasmussen said on Tuesday.

Rasmussen said the entry of Caltex employees would further increase its assets under management during the coming year.

He said Principal Indonesia was one of the top five pension program providers based on assets under management which amounted to Rp 137 billion (US$18.2 million), compared to Rp 4 billion at the end of last year.

He said during the first eight months of this year the company made new pension scheme sales which would produce deposits of over Rp 144 billion during the next 12 months.

Principal Indonesia is a Indonesia-U.S. joint venture company and a member of the Principal Financial Group, a diversified financial services company with total assets under management exceeding $84 billion. (cst)