Lippo General Insurance, an Indonesian insurer affiliated with Lippo Group, is bracing for flat profit growth this year as consumer sentiment continues to weaken due to the country’s economic slowdown, the Jakarta Globe reported, citing a company official.
The company expected profits to reach Rp 142 billion ($10.8 million) this year, similar to the insurer’s after-tax profit in 2014, Agus Benjamin, president director of Lippo General Insurance, said at a press conference in Jakarta on Wednesday.
The company expects gross premium to grow by 16 percent this year.
Note: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Jakarta bureau)