Bank NISP to sell insurance products

The Jakarta Post , Jakarta | Wed, 10/10/2007 4:00 PM | Business

JAKARTA: PT Bank NISP has agreed to enhance cooperation with PT Great Eastern Life Insurance Indonesia (GELIndo) by exclusively selling the latter's insurance products in 2008.

President director of Bank NISP, Pramukti Surjaudaja, said Tuesday that the collaborative venture would result in fee income of Rp 25 billion from the Rp 390 billion in premium income expected from the sale of GeLIndo's insurance products in 2008.

""We hope that the 'bancassurance' contribution to revenue will rise to about 30 percent in 2008 from about 25 percent in 2007,"" Pramukti said after an extraordinary shareholders meeting.

He added that Bank NISP would be the sole distributor for GELIndo's non-compulsory life insurance products, including Term Life, Endowment, Investment Link Product, Whole Life and Universal Life.

Both Bank NISP and GELIndo are members of the Oversea Chinese Banking Corporation (OCBC) Group. Established in 1941, NISP is now 72.29 percent owned by OCBC, 7.17 percent by International Finance Corporation (IFC) and the rest by the investing public.

The shareholders' meeting also resolved that the bank would harmonize its banking transactions -- including foreign exchange, micro finance, derivative and money market transactions -- with OCBC and its affiliates. (JP/14)

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