Modern Sun Life to open

Modern Sun Life to open

JAKARTA (JP): Canadian Prime Minister Jean Chretien will attend the inauguration of a joint venture company between PT Inti Putra Modern, a subsidiary of the Modern Group, and Sun Life Assurance Company of Canada, here on Wednesday.

Wayne H. Faithfull, the president of the new venture, named PT Asuransi Modern Sun Life, said yesterday that his company, which has an authorized capital of RP 50 billion (US$21.73 million), is 60 percent owned by Sun Life and 40 percent by Inti Putra.

He said Modern Sun Life had operated since 1992 as a wholly- owned subsidiary of the Modern Group with technical assistance from Sun Life.

The company's premium income was Rp 12.4 billion by 1994, with total sum insured reaching Rp 551 billion over the same period, Faithfull said.

He added that his company currently operates 11 branches, including seven in Jakarta, and one each in Medan in North Sumatra, Bandung in West Java, Semarang in Central Java and Surabaya in East Java. (04)