JAKARTA: PT Asuransi Wahana Tata posted a gross premium income of IDR935 billion in the third quarter this year or grew by 46% compared with same period last year, IDR656.3 billion.
Realization of gross premium income as of September is in compliance with 73% of premium target this year amounting to IDR1.27 trillion.
President Director of Asuransi Wahana Tata (Aswata) Christian W. Wanandi said the increase in gross premium income was affected by the additional number of corporate customers, especially customers of property insurance business line.
Business line of property insurance is a major contributor to the company's premium of 40%, followed by motor vehicle insurance of 32%, shipping of 9%, insurance and mining and petroleum of 8%.
He said the corporate market segment still dominates the company's general insurance business by 85% while the retail segment takes up 15%.
This is due to general insurance products targeting the retail segment which is still small, namely for residential property insurance and private passenger automobile insurance.
"We will continue to develop the retail segment because of it is potential remembering the high population in Indonesia. We expect the retail segment portion to be around 17% -20% by the end of this year, " he said after a long-term cooperation with PT Bank Central Asia Tbk for BCA Virtual Account product, yesterday.
Christian said until next year, the contribution of the retail market segment will not shift significantly. But, as he added, the shift in retail segment is predicted to increase from the current position in 2013-2014.
Finance Director of Aswata Eddy Chandra said the company is designing new insurance product in order to enlarge the retail segment. However, the insurance product will be marketed next year.
He said the company’s assets in September was IDR1.25 trillion, or increased 40.44% from the asset position a year ago, IDR895 billion.
Meanwhile, investment funds in IIIQ/2011 grew by 56.96% to IDR620 billion from IDR395 billion per September 2010. The company allocated the portfolio of investments in deposit amounting to IDR306 billion (49.35%), followed by traded securities of IDR133 billion (21.45%), mutual funds and bonds of IDR75 billion (12.09%), and the remaining of direct participation.
"We are not going to change the composition of investment portfolio considering the Jakarta stock index is still fluctuating. In fact we want to invest in deposits only, "he said. (T03/NOM)
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