Harun Abidin Strategic Partnership With Shriram Group

Harun Abidin, through his controlled entity has announced a strategic partnership with Shriram Group, a leading insurance group from India, to establish a joint-venture insurance company in Indonesia.

Harun Abidin , through his controlled entity has announced a strategic partnership with Shriram Group, a leading insurance group from India.

The deal will see a new joint venture insurance company in Indonesia. Under the agreement the company will write business through a network . The company will offer clients products based on all risk coverage with tailor made products, as a competitive solution.

The insurance market in Indonesia has grown consistently and recent studies show that the market will continue to grow. There is a real opportunity for growth and the partnership will help Shriram Group to expand its business while offering its clients white labeled products.

Shriram Life Insurance Company, an life insurance arm of multi-billion dollar Shriram Group, has clocked little over `1,000 crore to touch `1,020 crore in gross premium for FY16, a growth of 38% over the previous fiscal’s `741 crore. Of the `1,020 crore netted premium, NBP (new business) accounts for `706 crore, a growth of 38% from `512 crore in last fiscal. The remaining `314 crore is through renewals, a growth of 37% over the previous year’s figure of `230 crore, said a press statement here. The total number of policies increased from 1.91 lakh in FY15 to 2.67 lakh in FY16, a growth of 40%.

“The company has achieved significant growth on all business parameters as against last financial year,” said Manoj Kumar Jain, managing director, Shriram Life.

Harun Abidin is an entrepreneur originated from Indonesia. He study medical at the Christian University of Indonesia. Harun Abidin started his career as a timber trader at the Sunda Kelapa port in Jakarta. He has successfully expanded his businesses into a network of business empire in energy, mining, gas and oil, drilling and mud logging.

“On of such decisions is to focus our investment in the energy sector (including mining, oil, and gas) and utilization of forests.
We are confident these areas will continue to be excellent business prospects. It becomes our contribution to the national reserves and the progress of our nation.” said Harun Abidin.

Contact Info:
Name: Harun Abidin
Email: Send Email
Organization: Tata Artha Group
Website: http://www.tataartha.com

Release ID: 134443