Cigna raises RI stake

JAKARTA (JP): Cigna International of the United States has increased its stake in its Indonesian joint venture PT Asuransi Niaga Cigna Life.

The move raised its equity in the Indonesian joint venture to 80 percent, Cigna said in a statement.

"Indonesia's insurance market is experiencing rapid growth, especially in the life insurance sector where double-digit revenue growth has been experienced over the past several years, said Paul Hartley, the senior vice president for Cigna's Asia- Pacific operations.

He said the increase in their investment in the Indonesian joint venture further solidified Cigna's presence in the promising Asian economy.