Rp 4.6t for mutual fund

JAKARTA (JP): PT Astek, the state-owned social worker insurance company under Ministry of Manpower supervision, will invest about Rp 4.6 trillion (US$1.93 billion) in mutual funds.

The company has assets of Rp 7 trillion.

The minister of manpower, Abdul Latief, said the rest of the funds would be invested in state bank deposits.

"The Rp 4.6 trillion funds will be invested in 10 mutual funds," he was quoted by Antara as saying after showing an artist's impression of the Rp 340 billion Jamsostek building to President Soeharto yesterday.

He said the insurance giant's net profit rose from Rp 81 billion in 1995 to Rp 106 billion last year.

"The firm's net profit is expected to reach Rp 128 billion this year and between Rp 160 billion and Rp 180 billion in 1998," he said.

Such high net profit increases were attributed to the increasing number of workers covered by the insurance firm.

He said the company expected to cover around 15.8 million workers this year and to 21 million workers next year 1998. (09)