Panin Life to Expand to Sharia Insurance

VIVAnews - Report has it that PT Panin Life Tbk (PNLF) would enter sharia insurance business by inviting a foreign company to invest in.
 
"The foreign company would be from Middle East," an anonymous source told VIVAnews on Friday, May 15, in Jakarta.

The source went on that both parties are reported to sign the partnership agreement in the near future.

The company would, the source said, also be stimulated with fund to support the new businesses as well as continue with the share buyback plan.

Panin Life Vice President Director Tri Djoko Santoso acknowledged that he is yet to receive any information on the plan.

Capital market analyst Deni Hamzah said the company's plan to expand to the sharia business will have a promising future. He also stated that the share buyback plan will also bring a positive impact to the issuer.

Up until late 2008, the company booked income Rp 1.23 trillion, a 43.87 percent decrease compared to the same period of 2007.

The company's net profit also declined 22.27 percent to Rp 367.14 billion compared to the same period of 2007.

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Translated by: Bonardo Maulana Wahono