Canada's Manulife Opens New Marketing Office In Jakarta

Wednesday, Oct 05,2011, 12:21:47 PM Click:

Canadian insurance company Manulife is to strengthen its investment relationship with Indonesia by opening a new marketing office in Jakarta, a Canadian official said.

"Indonesia is one of the fastest growing markets in the world for Manulife," Canadian Minister of International Trade Ed Fast said after formally opening a new Manulife marketing office at Plaza Kuningan on Monday.

The minister affirmed that Indonesia was an important country for Canadian investment so that Manulife was right in deciding to invest in Indonesia.

"Manulife Indonesia is an amazing success investment story because the company`s growth in 2010 was 25 per cent," Fast said.

The opening of a marketing office in Jakarta was part of Manulife`s business strategy to support its business development in the future.

Manulife Indonesia already had 24 branch offices in as many cities in Indonesia and 1.5 million active insurance policy holders.

"We plan to expand our branches to cities around Indonesia as our business has grown fast in the past two years," executive vice president and chief agency officer of Manulife Indonesia, Premraj, Thuraisingam said.

Premraj said one Manulife strategy to develop business was by establishing a marketing office in Plaza Kuningan Jakarta and open branch offices in cities like Lhokseumawe.

Other Manulife strategies to become a leading insurance company were offering comprehensive products, widening its distribution networks and nurturing talented employees.

Manulife`s new gross premium income in the first semester of 2011 rose 87 per cent from the figure in the first semester of 2010. The premium amount in the January-June 2011 period was 2.4 billion rupiah (US$268,800) while in 2010 it was 1.3 billion rupiah.

Total growth of insurance premium in January-June 2011 period rose 51 per cent from the same period in 2010, from 2.3 billion rupiah to 3.5 billion rupiah.

The number of Manulife agents in Indonesia rose 32 per cent from 5.214 in June 2010 to 7.000 on the same period 2011.