Insurer expands business

Insurer expands business

JAKARTA (JP): PT Astra Jardine CMG Life, a joint insurance
venture, is expanding its business and stepping up its marketing
strategy by opening new offices in Jakarta; Bandung, West Java;
Surabaya, East Java; and Medan, North Sumatra.

The company said in a statement here over the weekend that the
Medan office would be opened next month, while the others were
inaugurated last week.

Company president Rob Phillips was quoted in the statement as
saying that insurance has good prospects in Indonesia because
only 2.5 percent of the population is familiar with life
insurance.

The statement said that the joint venture, 50-percent owned PT
Astra International and the remainder by Jardine CMG Life of Hong
Kong, has a paid-up capital of Rp 15 billion (US$6.5 million) and
total assets of Rp 17 billion. (kod)