Manulife expects 20% growth

JAKARTA (JP): A subsidiary of a Canadian-listed life insurance company, PT Asuransi Jiwa Manulife Indonesia, expects a growth in new policy holders of between 20 percent and 30 percent over the next five years.

Company president Philip Hampden-Smith said on Friday the company expected to collect Rp 120 billion (US$16 million) in revenue from new premiums this year.

"We are very confident about our business here. The company has seen a robust growth in the past years, including last year when we saw a 102 percent growth in the total of new premiums," he said at a news conference.

He said the dynamic growth in new policy holders in the past was mainly due to an increasing demand for insurance protection in the country.

He said the 1997 crisis changed the attitude of many people toward insurance, influencing some to start taking out insurance policies to protect their families from the impact of unpredictable circumstances, such as the crisis. (cst)