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AIA shows sterling performance
PT AIA Financial showed a sterling performance last year, recording substantial growth in all key financial ratios, including increases of 464 percent in total investment income to Rp 4
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T AIA Financial showed a sterling performance last year, recording substantial growth in all key financial ratios, including increases of 464 percent in total investment income to Rp 4.9 trillion (US$380 million), 30 percent in total investment to Rp 33.89 trillion and 55 percent in total net income to Rp 1.11 trillion.
AIA president Ng Kee Heng (Ben Heng) said in a statement that the company also booked a 23 percent increase in total premium income to reach Rp 8.8 trillion and 16 percent growth in new business premium to Rp 3.17 trillion.
'These impressive records should be attributed to the substantial increase in the number and professional quality of our marketing staff both in sales agencies and bancassurance,' Ben Eng noted.
He assured AIA policyholders that the company's risk-based capital ratio for conventional insurance reached as high as 1,088 percent, way above the minimum requirement of 120 percent, and its risk-based capital ratio for sharia insurance also rose to 142 percent, far higher than the minimum 30 percent.
The AIA chief foresees a bright future for the insurance industry in Indonesia, supported by the steadily rising size of population, low insurance penetration of only 2 percent and the steadily increasing number of middle-class people.
In a related development, the Association of Indonesian Life Insurance Companies predicted that new business premiums of the life insurance sector in the country would continue to grow by at least 23 percent a year, its assets by 18-32 percent and investment by at least 13 percent. (vin)(+++)
