15 Jun 2004

PT Prudential Life bankruptcy verdict overturned

Prudential plc is pleased that the Supreme Court of Indonesia has ruled in its favour by overturning the bankruptcy decision of the Commercial Court on its Indonesian subsidiary, PT Prudential Life Assurance (PLA).

Charlie Oropeza, PLA President Director, said, “We are very pleased the Supreme Court of Indonesia recognised the merits of our case and our company’s financial strength by overturning the bankruptcy decision."

Mark Norbom, Chief Executive of Prudential Corporation Asia added, “We would like to thank all our staff, agents and customers for their commitment over recent weeks. We would also like to thank the many other supporters who helped Prudential during this time. Numerous government officials, regulatory organisations and insurance companies, here in Indonesia and around the world, have supported our case and continue to assist by lobbying for amendments to the bankruptcy laws. We are immensely grateful to them.”

He continued, “We applaud the Indonesian Government for its continuing review of the bankruptcy laws. We believe that amendment of these laws is the best way to prevent similar cases occurring in the future.”

Charlie Oropeza concluded, “PLA is now fully operational and business has returned to normal. We look forward to meeting the savings, protection and investment needs of the people of Indonesia for many years to come.”

- ENDS -

Enquiries to:

Media Investors/Analysts
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About Prudential in Indonesia

PT Prudential Life Assurance (PLA) was established in 1995. Today, PLA has 230 staff and over 8,000 professional and well-trained salespeople. We have 6 sales offices (Jakarta, Medan, Surabaya, Bandung, Denpasar and Semarang) and 61 agency offices (including Jakarta, Surabaya, Medan, Bandung and Bali), along with 14 Financial Advice Centres in Jakarta, Bogor, Bandung, Surabaya, Tangerang and Bekasi.

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Prudential plc is an international company incorporated in the United Kingdom, and its affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world, and it has been in existence for over 170 years. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America, or the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).