Sewu reports surge in income

JAKARTA (JP): Insurance company Sewu New York Life announced on Monday that it had recorded a 40 percent increase in its total premium income in 2000 to Rp 346 billion ($36.4 million) over the previous year.

New individual policy sales also recorded an increase of 35 percent to Rp 129.6 billion last year compared to 1999, the company said in a statement.

"Our excellent sales performance has been due to our continued strong and positive presence in (Indonesia)," Sewu president Michael Allan said in the statement.

The company had also opened 10 new branches throughout Indonesia, giving it a total of 55 branches here.

Sewu vice president Tatang Widjaja said that additional capital of about $4.5 million had been injected, giving a total paid up capital of more than Rp 87 billion.

Total assets as of December 2000 stood at Rp 688 billion, he said. (tnt)