Board of Directors appointed to drive fastest-growing sales channel in insurance industry
Jakarta, October 13, 2009 – PT CIMB Sun Life, a newly-formed joint venture (JV) company between CIMB Group, Bank CIMB Niaga and Sun Life Financial, today officially announced its Board of Directors to lead the company in tapping into the fastest-growing insurance sales channel in Indonesia. With Vivien Kusumowardhani as President Director, Miro Farrugia as Director and Chief Financial Officer and Mahlani Chandra as Director and Chief Actuary, CIMB Sun Life was set up in record time and is poised to be a significant player in the Indonesian bancassurance industry.
“We are very pleased and proud that within 4 months after CIMB Group and Sun Life Financial first signed the agreement to form CIMB Sun Life, we have successfully completed all the regulatory requirements and launched the company in record time. With the official announcement of the Board of Directors today, CIMB Sun Life is now fully ready to make a significant mark on the Indonesian bancassurance industry,” said Vivien Kusumowardhani, President Director of CIMB Sun Life.
“Setting up the JV in such a short time clearly shows the strong commitment of not only the joint venture partners but also the regulators and this further underscores the confidence in the potential of the insurance industry in Indonesia,” Vivien commented. “Together with my colleagues on the Board, Miro and Mahlani, and our team at CIMB Sun Life, we are looking forward to delivering on our promise to provide smart insurance solutions for a secure and stable financial future for our customers,” added Vivien.
CIMB Sun Life will be the major provider of life, accident and health insurance products and services to Bank CIMB Niaga, one of the Top 5 leading banks in the country with a customer base of 2.5 millions and network of more than 655 retail branches. CIMB Sun Life is expected to capture a significant share of the Indonesian insurance market, which recorded total premiums of US$4.7 billion and a growth rate of 67% in 2007, the fastest in Asia. Bancassurance is the fastest growing insurance distribution channel in Indonesia in recent years and accounts for up to 50 percent of total market volume, recording a higher growth compared to other traditional sales channels.
Welcoming the joint venture, Arwin Rasyid, President Director of Bank CIMB Niaga said, “With this partnership with CIMB Sun Life, we are providing opportunities to our valued customers across the country to access a wide range of financial and insurance products to fit their different needs. That is our objective and we are pleased to put this in action through CIMB Sun Life.”
CIMB Sun Life offers customers a range of life, accident and health insurance products through direct marketing, telemarketing, in-branch retail, worksite marketing and group sales.
About CIMB Sun Life
CIMB Sun Life was launched in 2009 and is a joint venture life insurance company between CIMB Group, CIMB Niaga Bank and Sun Life Financial. The company provides life, accident and health insurance products through the CIMB Niaga Bank network over 655 branches and direct sales channels throughout Indonesia. CIMB Sun Life’s mission is to deliver smart insurance solutions that empower customers to build and protect their financial futures.
For information, please contact:
Nadya Siregar
Head of Marketing & Corporate Communications
Tel: 62-21 2994 2888
Fax: 62-21 2994 2800
Email: nadya.siregar@cimbsunlife.com