Danamon trims insurance stake

JAKARTA (JP): PT Danamon Sanggrahan is set to divest 30 percent of its 50 percent ownership in insurance firm PT Danamon Aetna Life to its partner, Aetna International.

The company said Saturday that the move would increase Aetna International's stake to 80 percent.

In the same statement, Danamon Sanggrahan announced it had established a new insurance company, PT Danamon Asuransi Jiwa (Danamon Jiwa).

"Aetna Life International is given an option to have up to a 20 percent share in Danamon Jiwa after two years of operation,' president of Danamon Sanggrahan, Usman Admadjaja, said.

Danamon Jiwa -- 99 percent owned by Danamon Sanggrahan and 1 percent by Usman -- is scheduled to start operation on Dec. 1 this year.

"Danamon Sanggrahan needs to have two different insurance companies with different market segments," Usman said. (aly)