Hong Kong’s Zuellig and Insurer Indrapura Join Forces
Tito Summa Siahaan
Tito Summa Siahaan
Asuransi Indrapura, a mid-sized insurer, and the Zuellig Group, a diversified pan-Asian group based in Hong Kong, held an event in Jakarta on Thursday to announce a new alliance.
Mervyn R. Cragg, Indrapura’s president commissioner, said Zuellig was trying to boost its presence in the insurance business in the region, especially as an integrated Asean economic community looked more likely.
“Indonesia will be a critical market,” he said.
Suwandi Suharto, Indrapura’s managing director, said Zuellig’s support would be a massive boost for his company.
Indrapura’s investment approach is conservative, he added. “Most of our capital is in deposits, very few in stocks,” he said.
Indrapura has 146 years of experience in the insurance business. It has branches in 18 major cities in the country.
Indrapura is part of Austindo Nusantara Jaya. That company, set up in 1985, has interests in financial services, oil palm and health care. ANJ is a private Indonesian company, wholly owned by the Tahija family.
Indrapura president director V. Harikes said the firm would focus on improving the quality of its workforce.
“The benchmark is that 5 percent of labor expenditure goes to training, but I think we will spend much more than that,” he added.
The Zuellig Group owns and manages a portfolio of industry-leading businesses across the Asia-Pacific region.
It has interests in pharmaceuticals, agribusiness and real estate, according to its website.
Established in 1912 and privately held, Zuellig has an annual turnover of $12 billion.
Indonesia has 44 life insurance companies, 83 general insurance companies, four reinsurance companies and five social security insurance companies.
However, individual premium is still less than 3 percent of Indonesia’s 237 million total population.