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)