Jasindo to expand overseas

JAKARTA (JP): State-owned general insurance firm PT Asuransi Jasa Indonesia (Jasindo) is to expand overseas as part of efforts to anticipate the 2003 free trade era in the Southeast Asian region, company president Amiruddin Riayat said on Wednesday.

Amiruddin said the company was set to open its first overseas branch on Friday in Labuan, Malaysia.

"The next step is to open an operation in London," he told a press conference to commemorate the company's 27th anniversary.

He said Jasindo, which holds the largest share of the domestic loss insurance market, also planned to provide financing and insurance for trade activities between Iran and Indonesia, as well as other Middle Eastern countries.

Amiruddin said that the company's profit after tax in 2000 was projected to reach Rp 37 billion (US$4.35 million), compared to around 58 billion last year.

He said the company's risk base capital last year was around 107 percent, compared to the minimum requirement of 120 percent.

"We're very solvent," he said. (rei)