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Astra Aviva booked Rp 877 billion premium in May
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Astra Aviva Life president director Auddie A. Wiranata poses for a photo. (Courtesy of Astra Aviva Life/-)
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nsurance company Astra Aviva Life booked gross premiums of Rp 877 billion (US$65.6 million) as of May 2016, 43.85 percent of the firm's 2016 target of Rp 2 trillion.
In the same period, a joint venture between Indonesian conglomerate Astra Group and the UK-based insurance company Aviva Group registered an annual premium equivalent of Rp 152 billion with total assets of Rp 2.8 trillion, representing growth of 31 percent and 43 percent, respectively.
The company’s president director, Auddie A. Wiranata, said the firm has begun focusing on building multi-distribution channels to provide multi-insurance products to multiple segments of customers.
"One of the blue ocean distribution channels that has been developed is finance assurance, where Astra Life manages to distribute life insurance products through a multi-finance company that covers life protection, credit and micro-insurance," he said in a press statement on Friday in Jakarta.
Indonesia, according to Auddie, was a competitive market with varied insurance penetration. "The company has been focusing on the consumer segments that have yet to be widely mapped," he said.
With the strategy, the company last year recorded a 110 percent growth in gross premiums and a 500 percent growth in annual premium equivalents. (ags)
