Prudential unit raises capital

Prudential unit raises capital

JAKARTA (JP): PT Prudential BancBali Life Assurance has
received an additional Rp 21 billion in capital from its parent
company, the London-based Prudential, raising its paid-up capital
to Rp 61 billion ($6.8 million).

Prudential BancBali president Ed Navarro said the additional
fund had enlarged Prudential's equity in the company to 88
percent from the previous 80 percent, according to a statement
received on Saturday.

It also increased Prudential BancBali's risk-based capital to
160 percent at the end of June, well above the government-set
minimum of 15 percent, the newly appointed president said.

Prudential BancBali expects a significant increase of total
premium income this year from its new premium investment-linked
product, PRUlink assurance account.

Navarro said the company expects to collect Rp 25 billion from
the product within six months.

Total premium income as of June totaled Rp 71 billion compared
to Rp 39 billion for the same period last year, he said. (10)