INDONESIA - TAKAFUL - Allianz Seeks to Expand Takaful Effort From Its Indonesia Base

insurancenewsnet.com By Iris Lai -
A.M. Best Company, Inc.

Allianz SE is looking to further expand its takaful, or Islam-compliant insurance, in the Asia-Pacific region, using its experience in Indonesia where it sees substantial market demand for comprehensive and affordable plans.

"Takaful is a business in which we are keen to grow and expand," said Kamesh Goyal, regional chief executive of Allianz Insurance Management in the Asia-Pacific. Allianz offers takaful products in Indonesia through its life and nonlife insurance companies.  (source)

INDONESIA - TAKAFUL - Muamalat, Allianz aim to get Rp 50 billion from policies

Bank Muamalat Indonesia, a major sharia bank, and insurance and financial services provider Allianz Life Indonesia signed on Thursday a three-year agreement to market sharia-based insurance products to the bank’s customers nationwide.

Allianz Life Indonesia president director Joachim Wessling said that sharia insurance products would be offered in two ways.  (source)

INDONESIA - TAKAFUL - Allianz Life Posts Rp 186.6 B Islamic Premium

JAKARTA (IFT) – Allianz Life Syariah, Allianz Life Indonesia's Islamic division, saw a 17 percent increase in gross premium revenue to Rp 186.6 billion in the first semester of 2011 from Rp 159.5 billion year-on-year (YOY). Allianz Life Syariah targets reaching Rp 500 billion YOY. (source)

TAKAFUL - ALLIANZ UTAMA Indonesia due to spin off Syariah unit in 2014 t due to market potential

Jakarta, (17/1). Besarnya potensi bisnis syariah di Indonesia mendorong perusahaan asuransi asing asal Jerman, PT Asuransi Allianz Utama Indonesia merencanakan di tahun 2014 untuk melakukan spin off  unit usaha syariah (UUS)nya.  Salah satu yeng mendorong asuransi Allianz Utama Indonesia melakukan spin off menurut Managing Direktur PT Asuransi Allianz Utama Indonesia, Soekrisno Tjokrodiwiryo adalah besarnya potensi market syariah di Indonesia. (source)

TAKAFUL - Zurich Enters Indonesian Insurance Market Amidst Record Growth

Zurich Financial Services (Zurich) has completed a deal to acquire the majority stake in PT Mayapada Life of Indonesia. This will give the multinational Swiss insurer immediate access to the Indonesian life insurance market. PT Mayapada Life is a subsidiary of the Mayapada Business Group – which will retain a 20 percent interest in the Indonesian life insurer – with Zurich holding 80 percent in the new venture.