Mandiri to Acquire Insurance Company

JAKARTA: PT Bank Mandiri Tbk is going to complete its acquisition of a general insurance company next year after it finishes its rights issue.
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 09 Desember 2010  |  03:59 WIB

JAKARTA: PT Bank Mandiri Tbk is going to complete its acquisition of a general insurance company next year after it finishes its rights issue.

Acquiring a general insurance company is part of the state lender's strategy to develop its business portfolio. Mandiri currently is also eyeing to acquire one bank. President Director of Bank Mandiri Zulkifli Zaini revealed the state lender was running due diligence on the insurance company that was about to be acquired. "However, we cannot yet expose the name of the company," said Zulkifli yesterday. Record by Bisnis showed Bank Mandiri was eyeing Asuransi Parolamas to be acquired. The bank is one of investor candidates touted to acquire a majority share in PT Asuransi Parolamas. Parolamas is a loss insurance company established in 1964, with assets in 2009 reaching, gross premium touching IDR118.16 billion, and net profits hitting IDR14 billion. The insurance company has a risk based capital (RBC) of 282.47%, surpassing the minimum standard of 120%, and IDR25 billion in paid equities. Bank Mandiri currently has 51% shares in AXA Mandiri Financial Services, a subsidiary the state lender jointly controls with Bank Syariah Mandiri Tbk, PT Mandiri Sekuritas, PT Bank Sinar Harapan Bali, and PT Mandiri Tunas Finance. AXA this year has been able to contribute IDR800-IDR900 billion to Bank Mandiri's profits this year. When asked for confirmation about the name of the insurance company, Zulkifli Zaini declined to comment, adding only that the bank now focused on its rights issue. Bank Mandiri expects to raise IDR10 trillion from the rights issue. It will use the funds to develop its business and bolster lending. Profits for 2010 In the meantime, the State Ministry for State-owned Enterprises (SOEs) hopes Bank Mandiri can record IDR8 trillion in net profits this year. State Minister for SOEs Mustafa ABubakar said the target was based on the fact that Bank Mandiri's net profit had been steadily increasing by IDR2 trillion per quarter throughout 2010. "Therefore, we estimate Bank Mandiri will be able to record IDR8 trillion in net profits this year," said Mustafa. (05/07/wiw)

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