Sun Life Indonesia and CIMB Niaga deepen bancassurance partnership in Indonesia

JAKARTA, Indonesia and TORONTO, April 5, 2022 /CNW/ – PT Solar Life Monetary Indonesia (Solar Life Indonesia), a subsidiary of Solar Life Monetary Inc. (TSX: SLF) (NYSE: SLF), and PT Financial institution CIMB Niaga Tbk (CIMB Niaga; IDX: BNGA) introduced as we speak that they’re deepening their current partnership in Indonesia.

Solar Life Indonesia at present affords insurance coverage options to CIMB Niaga prospects by way of digital and out-of-branch channels. This new settlement makes Solar Life Indonesia the supplier of insurance coverage options to CIMB Niaga prospects by way of all channels for a time period of 15 years beginning in January 2025. It additionally extends the time period of the prevailing relationship by six (6) years to 2039.

This partnership combines Solar Life Indonesia’s complete vary of insurance coverage options and skilled Shopper care throughout all life phases with CIMB Niaga’s intensive distribution community of 427 branches serving seven (7) million prospects throughout Indonesia. Established in 1955, CIMB Niaga is the second largest non-public financial institution by complete belongings in Indonesia as of December 31, 2021. Solar Life can be the unique bancassurance accomplice for CIMB Group in Malaysia.

The Indonesian market is the most important financial system in Southeast Asia and affords vital progress potential, reflecting a younger, rising center class with low insurance coverage penetration charges. This deepening partnership will speed up Solar Life’s long-term technique to develop its distribution capability, supported by bancassurance. It’s going to additionally improve the worth proposition for CIMB Niaga prospects and supply them with a complete vary of safety and long-term financial savings options to handle their evolving wants.

“We’re delighted to deepen our regional partnership with CIMB to assist thousands and thousands extra Purchasers in Indonesia obtain lifetime monetary safety and reside more healthy lives,” stated Ingrid Johnson, President of Solar Life Asia. “It’s going to additionally prolong Solar Life’s attain in a market with great potential for additional progress with a accomplice that shares our concentrate on constructing a brighter, extra sustainable future for Purchasers, staff and communities.”

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“We’re happy to deepen our partnership with Solar Life Indonesia. This partnership marks one other step in CIMB Niaga’s continued efforts to be the financial institution of alternative for Indonesian customers and companies. CIMB Niaga and Solar Life Indonesia have extremely complementary strengths and a shared concentrate on offering a unprecedented expertise for our prospects. Collectively, we foresee that this partnership will assist us create vital lasting worth for our prospects and key stakeholders,” stated CIMB Niaga President Director Lani Darmawan.

“As certainly one of Indonesia’s main banks, our prospects depend on us to ship best-in-class services and products. By deepening our partnership with Solar Life Indonesia, we’re reaffirming our dedication to offer high-quality options throughout wealth and insurance coverage merchandise to serve prospects’ wants as we speak and sooner or later,” stated Noviady Wahyudi, Chief of Shopper Banking CIMB Niaga.

“It’s a nice honour to strengthen the partnership between Solar Life Indonesia and CIMB Niaga. CIMB Niaga is a top quality financial institution with a well known model and has been a trusted accomplice to Solar Life Indonesia since 2009. Throughout that point, we’ve developed an enduring partnership as we labored collectively to construct a complete vary of safety and monetary options for Indonesians at each life stage,” says Elin Waty, President Director of Solar Life Indonesia.

Go to www.sunlife.com for slides and extra info associated to this announcement.

About Solar Life

Solar Life is a number one worldwide monetary providers group offering asset administration, wealth, insurance coverage and well being options to particular person and company Purchasers. Solar Life has operations in quite a few markets worldwide, together with Canada, america, the United Kingdom, Eire, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2021, Solar Life had complete belongings beneath administration of $1.44 trillion. For extra info please go to www.sunlife.com.

Solar Life Monetary Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) inventory exchanges beneath the ticker image SLF.

About Solar Life Indonesia

Solar Life Indonesia is a completely owned subsidiary of Solar Life Monetary Inc. It affords quite a lot of safety and monetary administration merchandise, from life insurance coverage, schooling insurance coverage, medical insurance, and retirement plans. Solar Life Indonesia companions with main monetary establishments, each nationwide and worldwide, to serve multi-channel distribution methods and supply wider entry to our insurance coverage options.

For extra info please go to www.sunlife.co.id

About CIMB Niaga

CIMB Niaga was established beneath the title PT Financial institution Niaga in 1955. Roughly 92.5% of CIMB Niaga’s shares (together with the 1.02% owned by PT Commerce Kapital) are owned by CIMB Group. Because the second largest non-public financial institution in Indonesia by belongings, CIMB Niaga affords a complete portfolio of typical and shariah banking providers, together with shopper banking, SME banking, business and company banking, treasury and capital markets, and transaction banking providers, supported by nationwide 427 department workplaces, 4,481 ATM models, branchless banking networks, in addition to 12,217 staff (consolidated) as of December 31, 2021.

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SOURCE Solar Life Monetary Inc.

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