Insurer expands business

Mon, 18 Dec 1995

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)

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