Tue, 10 Oct 2000

Panin, Schroder sign deal

JAKARTA (JP): Publicly listed insurance company Panin Life signed an agreement with PT Schroder Investment Management Indonesia on Monday for the joint management of its new investment linked product.

Panin Life vice president director Tri Djoko Santoso (center) said in a media conference that the product, Panin Link Insurance, would be launched at the end of the month.

He said that with a minimum premium of Rp 10 million (US $1,176) a client could choose between two different life insurance policies, which would be managed by Panin Life, and three investment schemes managed by Schroder.

The three investment schemes are the cash fund, the manage fund and the equity fund, in which the level of risks involved differ.

Schroder director Michael T. Tjoajadi (right) said a client could also invest in a combination of the three to minimize risks.

Djoko said he expected to get some 800 new clients within the next 12 months, worth Rp 25 billion to the company, in addition to the existing 12,000 clients. (10)