A strategic agreement marked an important milestone for the future infrastructure development.
JAKARTA, Indonesia, Oct. 12, 2018 /PRNewswire/ -- WanaArtha Life, an Indonesia-based life insurance and financial services company, officially signed a new strategic agreement with an investment banking and financial advisory firm, PT. Mandiri Manajemen Investasi, to reinforce its commitment to infrastructure financing. In conjunction with Saving & Pension Insurance (Taspen), AIA, and Allianz, it was held during the International Monetary Fund (IMF)-World Bank Annual Meeting 2018 in Bali, October 11. 2018. Also present to witness the signing ceremony were Indonesian Coordinating Minister for Economic Affairs, Darmin Nasution; Indonesian Minister of State Owned Enterprise, Rini Soemarno; Indonesian Minister of Public Works & Housing, Basuki Hadimuljono; and Governor of Bank Indonesia, Perry Warjiyo.
Infrastructure now outpaces Indonesia's development plan, following President Joko Widodo's commitment to develop US$ 414.6 billion worth of new infrastructure project by 2019. However, there is a US$ 1.5 trillion infrastructure gap in Indonesia, according to The World Bank.
Leading up to this event, WanaArtha Life has invited insurers to discuss and formulate recommendations for government, aimed at unlocking any strict regulation issues. "This will encourage other financial institutions and insurers in Indonesia to start financing large-scale infrastructure project in Indonesia. Thus, we collaborated to innovate a new structured financial vehicle, with focus on resolving the future infrastructure gap. Through this initiative, WanaArtha Life, as a solid company, proves its commitment to succeed the country's infrastructure," said Evelina F. Pietruschka, Chairperson of WanaArtha Life.
Evelina added that it needs long-term oriented investment framework to create a sustainable infrastructure growth. Such long-dated funds can be provided in many forms, including traditional insurance plan, Wana Multi Pro (WMP), with channel investment to infrastructure.
Through PT. Mandiri Manajemen Investasi, WanaArtha Life has recently invested IDR 100 billion to a state-controlled toll road operator, Jasa Marga and committed to up to IDR 500 billion investment to Indonesia's infrastructure financing and investment services provider, Sarana Multi Infrastruktur (SMI). The funds are to be used for the purpose of public works construction, particularly streets, highways and airports, with the aim to achieve logistics cost reduction.
"This will significantly increase the cost-effectiveness of international trade's logistic, which eventually boost the economy," added Evelina. According to a source from the Indonesian Chamber of Commerce and Industry, up to 17 percent of a company's total expenditure in Indonesia is spent to transport and logistic costs.
As part of the commitment, WanaArtha Life will consistently innovate the long-term insurance plan and product, such Wana Multi Pro. With support of government and other state-owned institutions, they believe it will significantly arise the funding and bring a new bright future for Indonesia's infrastructure.
About WanaArtha Life
WanaArtha Life has been serving Indonesia for more than 44 years and it is increasingly steadfast to continue to compete and strive to become the most-trusted financial planning partner for your family's future. WanaArtha Life continues to innovate by providing a wide range of products for all communities. Delivering a stable financial performance, WanaArtha Life has received recognition from PEFINDO as a trusted Credit Rating Agency with a rating of A (Stable).
WanaArtha Life offers a wide range of protection solutions, including traditional insurance products, health, and insurance-based investment products, through diverse distribution channels, such as bancassurance, agency, and corporate solutions. WanaArtha Life now has 102 marketing offices and more than 7,000 marketers spread throughout Indonesia.
This stable and significant growth of WanaArtha Life was recognized by the World Economic Forum (WEF), as a world-renowned non-profit organization. In mid-2014, WEF awarded WanaArtha Life as The Global Growth Company in Indonesia. In addition to the award from WEF, since 2002 until early 2017, WanaArtha Life has been continuously awarded as the Best Life Insurance from various well-known media in Indonesia, such as Investors, Infobank, Business Review and Media Insurance.
For more information, visit http://www.wanaarthalife.com/
Mahal Mark Rivero
AVP Corporate Communication
PT Asuransi Jiwa Adisarana WanaArtha
Tel: (62-21) 798 5179
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