JAKARTA: PT Asuransi Jiwa Tugu Mandiri, a life insurance company, will work on retail market segment starting next year, after completing some preparations in the first half of the year.The company controlled by Dana Pensiun Pertamina has been running life insurance business, specifically for corporation and pension plan.Tugu Mandiri is preparing infrastructure to support penetration in retail market, including the concept of insurance products, distribution, and compensation for agents.We are planning to enter retail market to make continuous growth of the company, President Director Maryoso Sumaryono said earlier this week.In addition to covering retail segment starting 2012, Tugu Mandiri plans to build a sharia business unit in 2014.The company booked premium income at IDR79 billion in the first three months of the year, increasing by 139.39% from IDR33 billion in the same period last year.The factor supporting premium growth is the increased number of insurance clients. As of May, the insurance customers number reached 92,000 people, surging from 50,000 people at end of last year.New premium in the first quarter of the year reached IDR53.8 billion and 60%-70% of the amount came from health insurance, he explained.The company, as he added, is trying to balance the contribution of life insurance and health insurance by launching variable annuity life insurance in the second half of the year.Tugu Mandiri expected to get customers as many as 100,000 people to achieve the target of new business premium target at IDR64 billion this year.The company had investment fund as much as IDR364 billion as of March. The biggest allocation was bond covering 29.65% of the investment, followed by deposit with 25.34%, mutual fund with 23.05%, equities with 12.87%, and insured fund 4.02%.I think equity is not too good now, so the biggest portfolio is allocated to bond until end of the year, Maryoso said.The company expects to get investment income more than 10% of the investment though the investment income in the first quarter of 2011 was below 10%.Tugu Mandiri generated profit as much as IDR7.7 billion in the first quarter this year. The claim of the company reached IDR19.6 billion, jumping 65% from IDR11.9 billion in the same period last year. The company booked equities at IDR68.6 billion and assets at IDR364 billion at end of 1Q/2011.Tugu Mandiri expects to collect a premium income of IDR109 billion and profit of IDR30 billion this year. (T04/NOM)
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