ING Aetna Life to maintain workforce
ING Aetna Life to maintain workforce
JAKARTA (JP): ING Aetna Life Indonesia, a new insurance
company formed from the recent merger between PT ING Insurance
Indonesia and PT Aetna Life Indonesia, said it would retain its
workforce obtained from the merger to strengthen its presence in
the country's insurance market.
ING Aetna Life Indonesia's president and chief executive
officer Susan P. Aguirre said on Tuesday that there would be no
massive staff layoff, but that due to the circumstances of the
acquisition certain top management positions would have to be
discharged.
"All in all, only four people holding top management positions
were discharged, because it would be impossible to have two
people in the same position," she said on the sidelines of a
media conference launching the new company.
ING Aetna Life Indonesia was established on July 1, following
a US$7.7 billion acquisition of the United State's Aetna
Financial Services by Amsterdam's ING Group late last year.
With the combined force of Aetna Life, ING Aetna now owns 450
employees and 2,600 agents in 85 branches across 22 cities in
Indonesia.
It also has 280,000 policy holders, Aguirre said.
"We aim to be one of the top five joint venture insurance
companies in Indonesia," she said.
ING Aetna Life Indonesia is 6 percent owned by PT ING
Insurance Indonesia and 94 percent owned by Aetna Life Insurance
Company of Indonesia (Alica) -- which has been wholly acquired by
ING Group.
ING Group's general manager for Asia Pacific Hugo Smid said
that the group had retained the name Aetna Life due to its strong
market presence in Indonesia.
"The Aetna name has a good market value in Indonesia, it has a
strong market presence, which we will capitalize on," he said.
As of June this year, ING Aetna has Rp 305 billion (about
US$269.9 million) in capital, and total assets of Rp 307 billion,
Aguirre said.
It has a solvency ratio (risk-based capital) of 85 percent,
compared to the government's current requirement minimum of 15
percent, she added. (tnt)