Life insurance hopes 3% rise in customers

Life insurance hopes 3% rise in customers

JAKARTA (JP): The Indonesian Insurance Council said yesterday
that as of the end of last year, 18 million people or 9.3 percent
of Indonesia's population had become life insurance policy
holders, an increase of 3 percent over the previous year.

"Total premium payments reached Rp 2.06 trillion (US$852
million) as of the end of 1995, up 25 percent from Rp 1.6
trillion as of the end of 1994," Sujono Soepeno, the head of the
council's life insurance division said.

Soepeno, who is also an executive of PT AMP Panin Life, said
that the figures were obtained from 1995 business reports made by
51 insurance companies in the country which have been registered
as council members.

The companies had combined assets of Rp 4.8 trillion as of
last December, as compared to Rp 3.9 trillion as of the end of
1994.

Soepeno said that total investment funds in the life insurance
industry rose 35 percent to Rp 3.6 trillion as of 1995 over the
previous year.

"Of the total investment funds, 58 percent were invested in
time deposits, 8.5 percent in real estate, 8.5 percent in
securities, 7.5 percent in direct placement, 7.2 percent in
policy loans, 5.6 percent in mortgage loans and 4.7 percent in
other instruments," he added. (alo)