Jiwasraya turn down the acquisition offer
09 September 2009 | By: FAHMI ACHMAD & HA
JAKARTA: The acquisition plan offered by Relife would not run smoothly after the management of PT. Asuransi Jiwasraya expressed their refusal which is supported by the government privatization this year.
The president director of Jiwasraya, Hendrisman Rahim expressed that the refusal is from both the management and the employees concerning the acquisition plan made by PT. Asuransi Jiwa Recapital (Relife), or from other parties.
“If there is a party which is interested in acquiring Jiwasraya, then it is normally understood since Jiwasraya has bright prospects in national life insurance industry,” he said in press release, yesterday.
He said, the company he led has been involved for 150 years in the industry and has distribution networks which cover almost all parts of the country.
Jiwasraya’s stand is backed up by the statement of Deputy of State Minister for State Enterprises, Parikesit Suprapto who said that the government does not have any plans in conducting the privatization towards Jiwasraya.
“The ministry of BUMN has given a very serious attention to Jiwasraya since we plan to build a big, strong, and healthy life insurance industry,” he said.
Separately, the president director of Relife Liza Linda said their party would wait and see concerning the official status of the insurance BUMN. Based on the Bisnis’ record, Jiwasraya is not listed in the privatization plan this year.
Inorganic
The plan to acquire Jiwasraya is one of Relife inorganic strategies to grow faster to be the one of biggest ten insurance companies in Indonesia. The acquisition request letter is sent by Relife to government since last year.
Recapital Advisors as the stock holders of Reflife will own two life insurance companies, without any plan to merge them. It is due to that Relife and Jiwasraya have different characteristics in both business structure and in corporate culture.
Further, Liza added that the focus and the target segment of the customers for both life insurance companies are not the same. Recapital recently just acquired one of general insurance and it is named Reguard.
Liza added that this year they would focus on the development of the organic. The insurance management whose stocks are owned by Sandiaga Uno is trying to add their capital as of Rp. 25 billion for the term III/2008 in order to meet the decree No. 39/2008 regarding the minimum capitalization.
Decree No. 39/2008 stipulated that the insurance companies meet the capital requirement as of Rp. 100 billion until 2010. Up to now, Relife’s paid capital is Rp. 75 billion.
Up to mid last year, Relife recorded the premium income as of Rp. 80 billion or increase 77% compared to the same period last year as of Rp. 52 billion. Last year, Relife targeted to have income as of Rp. 200 billion.
The company’s biggest claim portion is still in the forms of health claim and investment claim which have expired, each has the total of Rp. 10 billion and Rp. 40 billion.
Sumber : Bisnis Indonesia, 25 Juli 2007
09 September 2009 | By: FAHMI ACHMAD & HA
JAKARTA: The acquisition plan offered by Relife would not run smoothly after the management of PT. Asuransi Jiwasraya expressed their refusal which is supported by the government privatization this year.
The president director of Jiwasraya, Hendrisman Rahim expressed that the refusal is from both the management and the employees concerning the acquisition plan made by PT. Asuransi Jiwa Recapital (Relife), or from other parties.
“If there is a party which is interested in acquiring Jiwasraya, then it is normally understood since Jiwasraya has bright prospects in national life insurance industry,” he said in press release, yesterday.
He said, the company he led has been involved for 150 years in the industry and has distribution networks which cover almost all parts of the country.
Jiwasraya’s stand is backed up by the statement of Deputy of State Minister for State Enterprises, Parikesit Suprapto who said that the government does not have any plans in conducting the privatization towards Jiwasraya.
“The ministry of BUMN has given a very serious attention to Jiwasraya since we plan to build a big, strong, and healthy life insurance industry,” he said.
Separately, the president director of Relife Liza Linda said their party would wait and see concerning the official status of the insurance BUMN. Based on the Bisnis’ record, Jiwasraya is not listed in the privatization plan this year.
Inorganic
The plan to acquire Jiwasraya is one of Relife inorganic strategies to grow faster to be the one of biggest ten insurance companies in Indonesia. The acquisition request letter is sent by Relife to government since last year.
Recapital Advisors as the stock holders of Reflife will own two life insurance companies, without any plan to merge them. It is due to that Relife and Jiwasraya have different characteristics in both business structure and in corporate culture.
Further, Liza added that the focus and the target segment of the customers for both life insurance companies are not the same. Recapital recently just acquired one of general insurance and it is named Reguard.
Liza added that this year they would focus on the development of the organic. The insurance management whose stocks are owned by Sandiaga Uno is trying to add their capital as of Rp. 25 billion for the term III/2008 in order to meet the decree No. 39/2008 regarding the minimum capitalization.
Decree No. 39/2008 stipulated that the insurance companies meet the capital requirement as of Rp. 100 billion until 2010. Up to now, Relife’s paid capital is Rp. 75 billion.
Up to mid last year, Relife recorded the premium income as of Rp. 80 billion or increase 77% compared to the same period last year as of Rp. 52 billion. Last year, Relife targeted to have income as of Rp. 200 billion.
The company’s biggest claim portion is still in the forms of health claim and investment claim which have expired, each has the total of Rp. 10 billion and Rp. 40 billion.
Sumber : Bisnis Indonesia, 25 Juli 2007
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