Jakarta, 30 November 2011 – PT CIMB Sun Life (CIMB Sun Life) – a life insurance joint venture company between CIMB Group, PT Bank CIMB Niaga Tbk. (Bank CIMB Niaga) and Sun Life Financial Inc. – delivered strong business results for 3Q 2011. CIMB Sun Life’s total premium income grew strongly to IDR749 billion, an increase of 385%, compared to IDR154 achieved in 3Q 2010. The company’s Risk Based Capital level is at 478%, far exceeding the minimum requirement from the Indonesian Ministry of Finance of 120%, and the company’s total asset under management is IDR951 billion.
“We are very pleased with these business results, as they reflect CIMB Sun Life’s continuous strong growth since our launch in 2009. We believe that our products – both new and existing ones - contribute significantly to the strong growth,” said Vivien Kusumowardhani, President Director of CIMB Sun Life. “The continuous strong growth is also an indication of CIMB Sun Life’s commitment to growing our business in Indonesia by striving to provide varied savings, insurance and investment products to our customers through the many distribution channels that support us,” added Vivien.
In 2011, CIMB Sun Life launched 3 new products for Bank CIMB Niaga’s customers, namely: Asuransi X-Tra Medika, a hospital income product, Credit Protector, an outstanding credit card payment protection and Asuransi X-Tra Premier Investa, a single premium insurance investment linked product (unit link) with innovative investment mechanism that helps customers reach their highest investment return. Asuransi X-Tra Medika and Credit Protector are offered through CIMB Sun Life’s telemarketing channel, while Asuransi X-Tra Premier Investa is offered through the company’s In Branch channel.
To reach the wide customer segments of Bank CIMB Niaga, CIMB Sun Life is supported by 5 distribution channels -- telemarketing (through telephone call), in branch (through Bank CIMB Niaga’s branches), in branch automatic (life insurance product which is integrated with banking product), tele direct (combination of telemarketing approach and direct selling) and group insurance. CIMB Sun Life now offers 18 products to Bank CIMB Niaga’s customers and employees.
Commenting on this result, Arwin Rasyid, President Director of Bank CIMB Niaga said, “Bank CIMB Niaga is very pleased to be able to work together with CIMB Sun Life and the synergy has allowed CIMB Sun Life to achieve a very strong business result in less than 3 years. We believe that our synergy will strengthened our common vision as part of CIMB Group that is to continue to become the leading universal bank in ASEAN.”
Arwin added, Bank CIMB Niaga and CIMB Sun Life are committed to always providing the best solutions for our customers through our products and services. “The increase of CIMB Sun Life business performance is a proof of our customers’ trust in us,” said Arwin.
About CIMB Sun Life
Established on 28 July 2009, CIMB Sun Life is a joint venture life insurance company between CIMB Group, Bank 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 Bank CIMB Niaga’s customers, through its 626 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 organizations: CIMB Group and Bank CIMB Niaga’s extensive treasury capabilities and distribution strength, and Sun Life Financial’s insurance expertise and infrastructure.
CIMB Sun Life now offers 18 products to the customers and employees of Bank CIMB Niaga through 5 (five) distribution channels, with main products namely: Asuransi X-Tra Choice, Asuransi Cahaya Investa, X-Tra Medika Plus, X-Tra Siaga Plus, X-Tra Siaga and Asuransi X-Tra Cerdas.
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:
Nadya Siregar
Head of Marketing & Corporate Communications
PT CIMB Sun Life
Tel: 62 – 21 2994 2888
Faks: 62 – 21 2994 2800
Email: nadya.siregar@cimbsunlife.com