Prudential records strong growth

JAKARTA: Insurance company PT Prudential Life Assurance reported strong performance in its eighth year of operation in the country.

Total premium income grew by 114 percent to Rp 1 trillion (about US$117 million) in 2003 compared to Rp 477 billion in 2002, the company said in its press release on Wednesday.

The Indonesian unit of U.K. Prudential Plc said its Unit Link product continued to be very popular among customers, accounting for a significant portion of the total premium income collected in 2003.

The company's investment more than doubled to Rp 1.5 trillion in 2003 as a result of a strong growth in premium.

Profit before tax in 2003 was Rp 71 billion, which marked the third consecutive year of profit. As of the end of last year, the company's risk based capital (RBC) ratio was at 255 percent, much higher than the 100 percent requirement of the Ministry of Finance.

Established in 1995, the firm now has a 230-strong staff, over 8,000 sales personnel, six sales offices, 61 agency offices and 14 financial advice centers nationwide. -- JP