Jakarta, 28 March 2012 – The total premium income of PT CIMB Sun Life (CIMB Sun Life) – a joint venture life insurance company between CIMB Group, PT Bank CIMB Niaga Tbk. (CIMB Niaga) and Sun Life Financial Inc. – as at 31 December 2011 increased 225% to IDR943 billion from IDR290 billion achieved in the same period in 2010. The company’s Risk Based Capital level as at 31 December 2011 is at 406%, far exceeding the minimum requirement from the Indonesian Ministry of Finance of 120%. In addition, as at 31 December 2011, CIMB Sun Life has total assets under management of IDR1.1 trillion, which increased 223% compared to IDR347 billion achieved in the corresponding period last year. These results were achieved in less than 3 years since CIMB Sun Life was launched in Indonesia.
“Our business results are testament to CIMB Sun Life’s sound financial condition and strong commitment to grow our business in Indonesia. Since starting the company less than three years ago, we launched more than 20 life insurance products, serve more than 661,000 customers and we are now supported by 5 distribution channels to reach wider customer segments across Indonesia,” said Vivien Kusumowardhani, President Director of CIMB Sun Life.
“Moving forward, CIMB Sun Life will continue to focus and grow the business with CIMB Niaga by providing products and services that are most suited to our customers’ needs, helping them on their road achieving their lifetime financial security,” added Vivien.
Commenting on CIMB Sun Life’s strong growth, Samir Gupta, Consumer Banking Director of CIMB Niaga said, “The cooperation between CIMB Niaga and CIMB Sun Life is part of CIMB Group’s commitment in Indonesia to deliver the best financial solutions to our customers. This cooperation is part of CIMB Niaga’s continuous efforts to provide a complete range of financial products and services which are suitable to our different customer segments.”
CIMB Sun Life offers a wide range of products from traditional life insurance which are integrated to banking products, accident, health, hospital income, and education insurance, to unit link products, both single and regular premium. These products are distributed through 5 distribution channels, which are: in branch (distribution through CIMB Niaga’s branches); automatic (life insurance products integrated with banking products); telemarketing (distribution through a phone call); teledirect (distribution through a phone call and direct selling); and group insurance (for corporate clients).
In 2012, CIMB Sun Life will focus its product development to life and health insurance products, as well as unit link.
About CIMB Sun Life
Established on 28 July 2009, CIMB Sun Life is a joint venture life insurance company between CIMB Group, CIMB Niaga, and Sun Life Financial Inc. CIMB Sun Life aims to become the major provider of life, accident, health and unit link insurance products for CIMB Niaga’s customers, through its 630 branches and direct channels in Indonesia.
CIMB Sun Life has a unique position in the Indonesian market, and leverages the combined strengths of these three organisations: CIMB Group and CIMB Niaga’s extensive treasury capabilities and distribution strength, and Sun Life Financial’s insurance expertise and infrastructure.
CIMB Sun Life now offers over 20 products to the customers and employees of CIMB Niaga through 5 (five) distribution channels. The main products are: Asuransi X-Tra Optima, Asuransi Cahaya Investa, X-Tra Medika Plus, Asuransi X-Tra Medika and X-Tra Siaga Plus.
CIMB Sun Life received ‘Best New Company of the Year 2010’ award from the International Business Award – Stevie Award, a US based global business awards program honoring great performance in business.
For further information, please contact:
Head of Marketing & Corporate Communications
PT CIMB Sun Life