MetLife Begins Indonesian Operations; Joint Venture With PT Tunasmas Paduarta to Provide Insurance Products to Booming Indonesian Market.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and JAKARTA--(BUSINESS WIRE)--December 4, 1997-- Metropolitan Life Insurance Company today announced that it has established PT MetLife Sejahtera, a new life insurance company in Indonesia, through a joint venture partnership. MetLife's primary partner for the new company is PT Tunasmas Paduarta, a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. subsidiary of the Tirtamas Group, a major Indonesian conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. headed by Hashim S. Djojohadikusumo. Under the agreement, MetLife will own a 62% interest in the company, PT Tunasmas Paduarta will own a 33% interest and another local Indonesian insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. , Bringin Life, will own the remaining 5% stake. The final operating license was obtained from the Indonesian government's Ministry of Finance and the joint venture partnership became official after a deal between the partners was finalized See finalization. today. The Jakarta-based PT MetLife Sejahtera is expected to begin selling products and services by the end of the year. In making the announcement, Harry P. Kamen, chairman and chief executive officer of MetLife, said: "MetLife's entry into the Indonesian market reinforces the company's global strategy of committing resources to emerging insurance markets. PT Tunasmas Paduarta is an excellent strategic partner for this joint venture because it has a keen understanding of the financial needs of Indonesians." "We are confident that MetLife's experience and commitment to providing insurance solutions for individuals will complement our partner's expertise as we help to create financial security for our future customers in Indonesia," Mr. Kamen added. Commenting on the current economic environment in Indonesia, Mr. Kamen said, "The recent concerns with the Indonesian currency do not affect our views on the underlying prospects for growth in the Indonesian economy and the capability of its people." John H. Tweedie, executive vice-president, MetLife international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , outlined the potential for MetLife in Indonesia, saying: "The sheer size of the Indonesian population, with over 200 million people and a growing middle class, offers an environment that is well suited for insurance products. We believe that enormous opportunities exist for insurers as Indonesia continues to experience a rapid increase in individual earnings and population. Our growth strategy for Indonesia will focus on developing a highly trained, professional career agency force, as well as maximizing our relationship with Tunasmas Paduarta's affiliation with Bank Papan Sejahtera to market personal insurance products." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. Tweedie, initially, sales agents will focus primarily on selling individual life insurance policies, including whole life and endowments, which are major products for the Indonesian market. In addition, distribution through Bank Papan Sejahtera will facilitate the marketing of mortgage reducing term assurance, insurance products offered to those bank customers who are getting mortgage loans. Mr. Tweedie said that information systems and administrative personnel were already set up in Jakarta and that management has begun preliminary recruitment for the sales force. He further explained that career agents would be centered at one large branch office in Jakarta, rather than at many small branch offices, in order to effectively provide training and supervision to the sales force. Len Logan, a consultant for several years to MetLife with extensive Indonesian life insurance experience, will head the Indonesian operations as president-director of PT MetLife Sejahtera. In addition to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Indonesia, MetLife also has operations in Argentina, Canada, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Mexico, Portugal, South Korea, Spain and Taiwan as well as two representative offices in China. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. since 1868, MetLife is one of the world's largest financial services companies. With over $320 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , MetLife currently serves 40 million people around the world. The more than 45,000 associates in the MetLife family provide or administer life, health, and property/casualty insurance, as well as savings and retirement and other financial products and services for individuals and groups. CONTACT: MetLife Tricia Brown, 212/578-4072 |
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