ASEI ready to go public

JAKARTA: PT Asuransi Ekspor Indonesia, a state-owned insurer, said that the company is ready to conduct an initial public offering to increase capital.

President Director of Asuransi Ekspor Indonesia (Asei) Zaafril Razief Amir said the company has expressed its plan to the Ministry of State-Owned Enterprise (SOE) and has obtained positive signal to realize the corporate action.

“IPO is our medium-term goal. Every company needs to go into that direction, in order to implement good corporate governance, transparency and to increase the public trust,” he said yesterday.

According to Zaafril, one of the preparations done by the company includes an effort to boost the company’s performance. Now, Asei works hard to boost net profit until it touched the level between IDR150 billion and IDR200 billion.

The company saw the number is enough to provide comfort to the future investors which are going to buy its shares in the IPO.

Besides the IPO, the company will also tie up cooperation with several strategic partners to increase the company’s capacity. Several companies which are going to cooperate engage in brokerage, insurance, export and banking businesses.

The company will sign a partnership with national banks, but Zaafril declined to name names.

“We want to improve Asei’s role in the national economy. Thus we have to increase our business scale and jack up the business capacity.

2011 Profit

In 2011, the company scooped net profits of IDR67.6 billion, or a 40% increase from a year earlier at IDR48.1 billion.

The increase, as Zaafril said, was supported by the underwriting division growth which jumped IDR60.9 billion in 2010 to IDR88.5 billion in 2011.

The growth percentage from the underwriting in 2011 was higher than growth in 2010. The realization of premium revenue over the past year reached IDR625.8 billion, or grew 23.2% from IDR503.7 billion in 2010.

"The cost was used to produce premium revenue or low operational cost. Hence an increase in underwriting results is far above the growth in premium," he said.

Meanwhile, the company's investment grew 8.4% from IDR458.6 billion in 2010 to IDR63.5 billion in 2011. The result came from the total investment management in that year which grew 8.1% from IDR633.5 billion to IDR684.8 billion.

According to him, the company can post a yield of up to nearly 10% despite the turmoil in the capital market last year because it imposed a trading mechanism in its instruments.

"We did not put the funds in one portfolio, but in many. Since, there are many choices of instruments.(T03/NOM) (sumber : http://www.bisnis.com/articles/asei-ready-to-go-public)