ACE LIFE TO RECRUIT MORE EMPLOYEES BY YEAR END

Jakarta, May 19 (ANTARA)- ACE Life, a US-based life insurance company, is now expanding its business in Indonesia and planning to recruit a number of new employees by the end of 2009 or the beginning of 2010, its president director said.

ACE Life Indonesia president director Tham Chee Kong said here Tuesday his company has been operating in Indonesia for only a month with some 50 employees and 250 agents.

The insurance company will recruit 50 more employees and by the end of 2010 it will have some 150 employees, he said, adding that by the end of this year the company was hoping to have 1,000 agents and 3,000 agents in three years to come.

The initial investment of this insurance company was only 40 billion rupiah or less than the amount stipulated in the government regulation no.39/2008, saying that the insurance company is obliged to have its owned asset at the minimum of 70 billion rupiah.

The government regulation said the amount of owned asset required should be fulfilled in stages namely in 2008 at the minimum of 40 billion rupiah, in 2009 some 70 billion rupiah and finally in 2010 should reach 100 billion rupiah.

Kong did not disclose when his company will reach the total of required asset.

According to him, his company has collected the customers' premium of about 2 billion rupiah.

The ACE Life Indonesia operated in the country following the 80 percent acquisition of PT Asuransi Jiwa Bumi Arta Reksatama conducted by AC group company at the beginning of this year. ***3***