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Economy in brief: PAN Pacific sees lower premium growth in 1H
Insurance firm Pan Pacific Insurance expects slower growth in its premium earnings following sluggish performance in the first half of this year, an executive says
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nsurance firm Pan Pacific Insurance expects slower growth in its premium earnings following sluggish performance in the first half of this year, an executive says.
Pan Pacific Insurance director Cunyono Lijanto forecast that its premiums would only reach between 40 percent and 45 percent of the yearly target in the first six months this year, or equal to between Rp 256 billion (US$19.2 million) and Rp 288 billion.
'The pace is getting slightly slower, but we are still confident that we will be able to achieve our target,' Cunyono was quoted by kontan.co.id as saying. The company has aimed to earn Rp 640 billion in premiums for the whole year.
Cunyono said that a bearish automotive market had become the biggest impediment for the premium growth, adding that 65 percent of the premiums earned by Pan Pacific came from that sector.
However, he added that the relatively stable performance of its other lines of insurance businesses, including insurance for property, heavy-duty equipment and cargo, has helped support the performance.
