Prudential doubles income

Prudential doubles income

JAKARTA (JP): Despite the economic crisis, PT Prudential BancBali Life Assurance nearly doubled its premium revenue to Rp 36.9 billion (about US$4.6 million) in 1998, its president said on Tuesday.

Shelton Chellappah, speaking at the announcement for the planned launching of an investment-linked insurance scheme, said that the outlook for 1999 remained bright for Indonesia's life insurance industry.

The country has all the ingredients for prosperity and should not remain in the crisis too long, Chellappah said.

The life insurance business has expanded rapidly in recent years. In 1997, Rp 3.5 trillion in premiums was collected, up by 25 percent over 1996, official figures show.

Prudential BancBali, a joint venture between Prudential Corp. Plc. of Britain and Bank Bali of Indonesia, will bank on the new investment-linked product in 1999, Chellappah said.

The scheme allows insurance holders to choose investment instruments for their premium proceeds. (02)