Manulife rejects bankruptcy claim

Manulife rejects bankruptcy claim

PT Asuransi Jiwa Manulife Indonesia (AJMI) totally rejects the
allegation of bankruptcy brought about as a result of PT AJMI's
decision not to pay out a life insurance policy from 1994 (Page 3
of The Jakarta Post on Friday 17 November).

The revisiting of a six-year old case, that had already been
rejected by both the Central Jakarta District Court and the
Jakarta High Court, further demonstrates the determined efforts
currently underway by certain groups to undermine the company's
reputation.

While PT AJMI sympathizes with the family and relatives of the
deceased, the insurance policy was not paid out due to the
policyholder not disclosing a pre-existing medical condition
prior to taking out the policy. It was this pre-existing medical
condition that was the contributing factor to the policyholder's
untimely death, and had PT AJMI been aware of this medical
condition, the policy would never have been issued.

The policy in question has already been rejected twice by both
the Central Jakarta District Court and the Jakarta High Court,
who have both investigated the policy and found no impropriety
whatsoever on the side of PT AJMI.

Piers Gillespie

Technical Adviser

Manulife Financial