Manulife eyes 25% growth

Manulife eyes 25% growth

The Jakarta Post, Jakarta

PT Asuransi Jiwa Manulife Indonesia (AJMI), a local unit of
Canada's largest insurer, Manulife Financial Corp., is confident
revenue from its insurance premiums will grow by at least 25
percent this year on higher economic growth in the country.

AJMI president director John Harrison said on Tuesday the
company expected premium revenue to increase to at least Rp 1.8
trillion (US$185 million) this year from Rp 1.4 trillion last
year.

"We are projecting solid growth of more than 25 percent this
year. Our policyholders have so far grown from 850,000 at the
beginning of the year to 900,000," he said after meeting with
Vice President Jusuf Kalla.

The meeting was also attended by Manulife Financial chief
executive officer Dominic D'Alessandro and a number of officials
from the Canadian Embassy.

During the meeting, the company emphasized its commitment to
expanding its business in Indonesia by seeking acquisition
opportunities, as well as ways to expand the domestic insurance
market.

"We have been here for 20 years and we are comfortable with
the country ... (but) the penetration of insurance in this
country is very low. If the economy grows higher, the opportunity
will become more vivid and more real," said D'Alessandro.

The government is targeting economic growth of at least 6
percent this year, on the back of more stable economic and
security conditions, as well as an anti-corruption drive.

Aside from the insurance business the company is also engaged
in managing mutual funds, with its largest investment portfolio
currently comprised of government bonds worth about $900 million,
Harrison said.

In total, the company is managing assets worth some $1.5
billion. Its business has expanded to 36 cities throughout the
country and is supported by about 4,000 insurance agents.