JAKARTA (Yosefardi) – PT Bank Tabungan Negara (BTN) Tbk (BBTN) revives its plan to set up a life insurance firm this year, partnered with state-owned PT Asuransi Jasa Indonesia and BTN’s pension fund.
BTN allocates more than Rp100 billion to fund the establishment of life insurance. Life insurance aims to cover as protection for BTN’s loan disbursement.
In August 2015, BTN’s loan grew by above 18%. The bank expects 15-17% growth in loan for this year.
As at June 2015, BTN’s assets reached Rp155 trillion of which credit or loan accounted for Rp126 trillion. BTN booked net profit of Rp831 billion in the first half of this year.