JAKARTA: PT Asuransi Asoka Mas and PT Batavia Mitratama Insurance posted an increase of equity in the first five months this year to meet the minimum capital required by the government.Asoka Mas equity was recorded at IDR42.2 billion as perl May, up by IDR22.91 billion from IDR19.29 billion at the end-2010.Meanwhile, Batavia Mitratamas capital rose by 47.73% to IDR41.10 billion as of May 2011 from IDR27.82 billion at end-2010.Asoka Mas gained additional capital, which strengthened the capital and reached the minimum requirement of IDR40 billion, President Director Ramlan L. Nainggolan told Bisnis yesterday.With the additional capital, both companies have met the capital minimum requirement in accordance to the Government Regulation No 81/2008 about the Third Revision on the Operation of Insurance Company Regulation.According to such government regulation, all insurance companies must have a minimum capital of IDR40 billion in 2010 (extended to March 2011) and IDR100 billion in 2014.Capital Market & Financial Institutions Supervisory Agency has said earlier it will send its third warning letter to nine insurance companies this month, without naming the companies.According to Ramlan, the subsidiary of PT Asuransi Jasa Indonesia has an adequate capital to meet the minimum requirement in 2014 which will increase to IDR100 billion because the company is inviting a new investor to inject more funds.Meanwhile, Batavia Mitratamas President Director William Widranata said that the companys largest shareholder, Ang Andi Bintoro, has increased the companys capital to reach IDR40.42 billion as of March 2011.The company is currently considering two options, seeking for new investor or requesting additional capital from existing shareholders, to meet required minimum capital of IDR70 billion in 2012.Gross premiums booked by both companies also increased in May.Asoka Mas posted IDR24 billion in gross premiums, growing 14.18% compared to the same period last year that was at IDR21 billion.The companys motor vehicle business line contributed 70% to the revenue, followed by aviation 10%, miscellaneous insurance (accident) 5%, property 5%, transportation 5%, engineering insurance 2.5%, and surety bond 2.5%.Asoka Mas is targeting to grab three new business partners in second half this year to achieve its gross premium target set at IDR102 billion.Meanwhile, Batavia Mitratama business was supported by vehicle insurance 98% and property 2%. The company plans to engage in accident insurance, transportation and heavy equipment next year.The gross premium reached IDR3.8 billion in May, growing 13% from the same period last year. We are targeting IDR20 billion in gross premiums this year, he said. (t06/msw)

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