Sep
2
Taiwanese Regulators Reject Sale of AIG Unit to Primus
Filed Under AIG, China, Hong Kong, Life Insurance | 2 Comments
The Financial Supervisory Commission (FSC) of Taiwan has recently announced it has rejected the planned purchase of the life insurance unit of AIG in Taiwan by Primus Financial Holdings Ltd. It is believed the FSC had concerns about Primus, which is based in the Cayman Islands, may be backed by funds from mainland China, thus in violation of the Taiwan law that prohibits Chinese investment in the financial sector.
Primus has reiterated it does not have a Chinese sponsor.
Back in October 2009 American International Group Inc. (AIG) had announced the US$2.15 billion (EUR 1.7 billion) sale of Nan Shan Life Insurance Co. to a group of investors led by Hong Kong-based Primus Financial Holdings. Also part of the investors group led by Primus is China Strategic Holdings Ltd., also based in Hong Kong.
An official with the Investment Commission of Taiwan explained that the rejection of the sale was in part due to Primus having recently named several new shareholders during the past few months and that was perceived by the SFC as a lack of stability in their operations.
Upon gaining approval of the sale, China Strategic Holdings had a deal to sell to Chinatrust a 30 percent stake in Nan Shan for US$660 million (EUR 516 million). Chinatrust Financial Holding Co., is the third-largest financial company in Taiwan. Towards the end of June 2010, there was an announcement that China Trust intended to walk away from the Nan Shan deal { http://www.globalsurance.com/blog/chinatrust-walks-away-from-nan-shan-deal-with-aig-128320.html }, and now China Strategic is considering to launch an appeal against the decision of the FSC.
On a positive note, China Strategic has been cleared by the FSC of the Chinese funding rumours.
An appeal can be made to the Taiwanese Cabinet within 30 days of having received the official rejection notice. Neither Primus nor China Strategic have insofar received such official notification.
Companies mentioned:
The American International Group is a leading international insurance organization with operations in more than 130 countries and jurisdictions globally.
Nan Shan Life Insurance Company, Ltd. was established in July 1963. After its restructuring in January 1970, Mr. K.K. Tse, the then Chairman of American International Underwriters, became the first Chairman of the company. In forty years, Nan Shan has become a super insurance company with the most professional management, the best operational performance, and a solid financial foundation. Its agency force has been recognized as the best in Taiwan’s life insurance industry.
Primus is an Asia-based private equity fund focused on acquiring financial services companies. Members of the Primus Group include PFH Partnership Holdings and PMN Capital. Primus is a strategic operator in financial services with significant permanent capital, deep operational experience, and long-term financial capabilities.
Sep
1
China Life Aims to Expand Bancassurance Channel
Filed Under China, China insurance, Insurance Company, Life Insurance | 6 Comments
China Life Insurance Company Limited (China Life), the largest life insurance company in China by premium, has started to shift its sales strategy towards the bancassurance distribution channels. As a first for the company, the bancassurance channel has contributed more than 70% of the company’s insurance premiums for the first half of 2010, becoming a vital premium generator for the company.
Known for having the biggest insurance sales team in the country, China Life has been experiencing growth in the contributions from their bancassurance channel, as per a statement recently released in an interview with Wan Feng, president of this Beijing-based insurance company.
The term ‘bancassurance’ is often used to refer to the Bank Insurance Model (‘BIM’), which describes the partnership or relationship between a bank and an insurance company whereby the insurance company uses the bank’s sales channels, including branch offices, in order to sell insurance products. Bancassurance allows the insurance company to maintain smaller direct sales teams as their products are marketed and sold through the bank to customers by bank staff. Replacing the role of an insurance salesperson, bank staff and tellers become the point of sale and contact for the customer. Bank staff are advised and supported by the insurance company through product information, marketing campaigns and sales training.
By the end of June of this year, China Life had approximately 42,700 consumer and wealth management officers assigned to their bancassurance channel, spread over 97,000 branch outlets throughout the country.
China Life intends to accelerate its business expansion during the second half of 2010, to cement its footing in the most populous insurance market in the world, according to details also shared by Mr. Wan.
Insurance Company mentioned:
China Life Insurance Company Limited (China Life) is a People’s Republic of China-based life insurance company. The products and services include individual life insurance, group life insurance, accident and health insurance. The Company operates in four business segments: individual life insurance business, group life insurance business, short-term insurance business, and corporate and other business.
Aug
30
MetLife Gets Approval for ALICO, DelAm Takeover
Filed Under AIG, Insurance Company, Life Insurance, MetLife | 3 Comments
The European Commission has given its approval for MetLife’s purchase of AIG subsidiaries American Life Insurance Company (ALICO) and Delaware American Life Insurance Company (DelAm), as part of MetLife’s takeover of AIG’s international life insurance business.
MetLife’s purchase of ALICO and associated subsidiaries was agreed upon early in 2010, and the company recently obtained approval to purchase ALICO’s Hungary-based subsidiary, AHICO, from Hungary’s financial markets regulator, PSzÁF, in the beginning of August, 2010.
The European Commission was looking at whether or not MetLife’s takeover of the two companies, ALICO and DelAm, would negatively impact competition in European markets. DelAm is part of AIG’s international life insurance operations. The purchase of DelAm, which provides wealth management services, retirement planning, life insurance and health insurance to individuals as well as commercial and institutional clients was considered not to pose any concerns, especially considering it does not provide services in the EU.
ALICO, which provides life insurance, retirement planning, wealth management, accident insurance and health insurance to individual customers and corporate clients, was found to have some overlap in activities with MetLife by the commission. MetLife and ALICO did overlap in some life insurance products in a few EU Member markets, however the combined market share of MetLife and ALICO in these markets would still be relatively small and the combined company would still face strong competition from other credible companies in the marketplace.
After MetLife’s acquisition of ALICO, it is expected that MetLife will be in a top-five position in many emerging markets, including those in central and eastern Europe, Latin America and the Middle East. MetLife is hoping to wrap up the deal with AIG by the end of 2010.
Insurance Companies Mentioned:
AIG
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Paris and Tokyo.
ALICO
The American Life Insurance Company, generally known as Alico, provides a broad and innovative range of insurance and savings products to individual customers, corporate clients and high net worth customers. With a wide range of products to support every aspect of their customers’ lives, and provide comprehensive cover for the employees and commercial needs of their business clients. Their products include; health insurance, life insurance, savings plans, accident insurance, retirement planning and travel insurance among others.
DelAm
Delaware American Life Insurance Company, or DelAm, participates in the accident, life and health insurance business, writing accidental death and dismemberment, group life, long term disability, dental, and medical business as part of AIG’s international life insurance sales operations. It was incorporated in 1964 and is based in Houston, Texas; it is a subsidiary of AIG.
MetLife Inc.
Possessing over 140 years of insurance expertise, MetLife aims to be an innovator in the field of international Life insurance. Globally, MetLife is able to offer its clients accident and health insurance, life insurance, disability income protection, and retirement and savings products.
Aug
24
Swiss Life Reports Increased Earnings
Filed Under Insurance Company, Life Insurance, Switzerland | Leave a Comment
Swiss Life Group, a leading life insurance and pension provider in Switzerland, reported a 94% increase in net income for the first half of 2010. This was due to growth in premiums and newly implemented efficiency measures aimed at cutting operating costs. The revenue increase was reported in all of the major regional markets where the group operates, including Switzerland, France and Germany.
During the first half of this year the net income of Swiss Life increased to US$253.3 million (EUR 200.4 million) from US$131 million (EUR 103.6 million) for the same period in 2009. The combined amount of gross premiums, policy fees and deposits increased 20% year-on-year to US$11.5 billion (EUR 9.1 billion).
The strong performance by the company in the first half of 2010 was summarized in a statement released by Bruno Pfister, CEO of Swiss Life, by saying: “The improvements we achieved in client relations and distribution confirm that we have made sustainable progress in our pursuit of profitable growth. The measures introduced last year as part of our group-wide Milestone program have started to pay off.”
Last year, Swiss Life started the implementation of their new efficiency-enhancing policy, known as the “milestone” program, under which the company aims to increase new business within their “modern insurance and risk products” by more than 70%. The program can be considered a success for the company, as Swiss Life has achieved the 70% growth targeted by the policy – illustrated by the high returns the company experience during the first half of 2010 – in addition to reducing overall company-wide operating costs by 8%.
All that is left for Swiss Life is to realize their margin management target, which remains at 0.9%, unchanged from 2009. Analysts speculate that the target set by the company in this regard may be difficult to reach, due to the prevailing low interest-rate environment in Europe and pressure from competition across the region.
Citing low interest rates as a primary concern, Swiss Life has taken steps to limit their exposure to market risks, and have launched a new time-frame for the achievement of their margin management target – now aiming to see improvement by 2012. During the past 12 months the company has launched approximately 30 insurance products, conformed by a mixture of new and revitalized policies, and are still continuing their approach of achieving profitability before growth.
Insurance Company mentioned:
Swiss Life was founded in 1857 as Schweizerische Rentenanstalt. The Swiss Life Group is committed to openness and transparency in management and actively supports good corporate governance. Swiss Life is a leading life and pensions provider in Switzerland and it is one of the top 10 European life insurance providers. As at the end of 2009, the Swiss Life Group employed a staff of around 8200.
Aug
19
Manulife Life Japan Changes Strategy to Tap Market
Filed Under Income Protection, Insurance Company, Life Insurance, Medical Insurance | 5 Comments
Manulife Life Insurance Co. plans to launch newly developed products, supported by a diversified distribution strategy to match the changing dynamics of the mature insurance market in Japan. The ageing population and weak stock market are perceived by Manulife as having potential for offering life insurance products, which are backed up by the ability to create protection for wealth management and long-term savings.
Ageing populations tend to have an increased demand for insurance products that can accumulate, preserve and transfer wealth. The current economic, socio-economic and demographic trends present in Japan present new opportunities to the life insurance sector.
For the past two decades, the Japanese stock market has had a low performance and the interest rates remained close to zero during the past 10 years. Consumers in Japan have been turning towards fixed and variable yield annuities supported by an underlying guarantee as an alternative form of investment. Likewise, consumers are buying medical insurance as the means to satisfy the ever growing need for healthcare.
Manulife Japan is a subsidiary of Canada-based Manulife Life Financial Group. Their strategy for the future is to provide a wider diversity of insurance products through multiple sales channels, which will complement the recently launched foreign-denominated fixed annuities offered to the financial institutions.
According to recent reports, Bancassurance in Japan shares the vision of Manulife and foresees significant opportunities ahead, due to the steady shift in focus of banks and security firms towards a more diversified range of products, departing from the tradition of primarily offering variable annuities.
Towards the end of last month Manulife Japan launched a new annuity product { http://www.globalsurance.com/blog/new-annuity-product-launched-by-manulife-in-japan-153220.html }, at a time when fixed annuity products denominated in yen and other foreign currencies continue having a positive reception. Although declining in comparison to previous years, the number of life insurance companies offering variable annuities continue offering their products to the Japanese market.
Manulife Japan was established in 1999. They now operate through approximately 120 local sales offices and eight regional offices with more than 3,000 tied agents. Back in the year 2002 Manulife Japan started to offer over-the-counter sales of individual annuity products through financial institutions, followed by the sale of insurance products in 2009. At present, the company has sales alliances with more than 40 banks and securities firms.
Insurance Company mentioned:
Manulife Life Insurance Company, Japan. Manulife Financial was one of the first foreign life insurance companies to establish operations in Japan, entering the market in 1901. Manulife re-entered Japan in 1999, laying the foundation for the establishment of Manulife Life Insurance Company (Manulife Japan). The vision of Manulife Japan is to be the most professional life insurance company in Japan, providing leading financial protection and wealth management products and services, and learning from and quickly adapting to its customers‟ changing needs.
Aug
19
Insurance Market in UAE grows 9.8 Percent in 2009
Filed Under Life Insurance, Medical Insurance, Middle East, UAE Insurance | Leave a Comment
The insurance industry in the United Arab Emirates seemed unaffected by the global downturn in 2009, growing 9.8 percent over the previous year and generating AED 20.1 billion (USD 5.5 billion) in premiums for the year.
A report issued by the UAE’s industry watchdog, the Insurance Authority, showed that the insurance industry contributed AED 23.7 billion (USD 6.5 billion) towards the economy, compared to AED 21.6 billion (USD 5.8 billion) during 2008.
Property and Casualty business in the UAE pulled in AED 16.8 billion (USD 4.6 billion) in gross written premiums in 2009, an increase of 7.7 percent over the AED 15.6 billion (USD 4.2 billion) in gross written premiums in 2008. Of all premiums underwritten in the property and casualty sector, accident and casualty insurance made up 46.7 percent of premiums, medical insurance comprised 24.5 percent, fire insurance totaled 12.7 percent, and land, sea and air transport business made up 12.1 of underwritten premiums, with the remaining 4 percent coming from other business.
National insurance companies in the UAE accounted for 76.3 percent of all underwritten property and casualty insurance business, with the remainder being comprised of foreign companies. The Insurance Authority’s report pegs earned premiums from property and casualty insurance at AED 16.3 billion (USD 4.4 billion).
While the insurance industry in the UAE did well in 2009, it remains to be seen whether it will continue to do so in 2010. With nearly half of all underwritten premiums coming from accident and casualty insurance, which directly pertains to insuring construction projects among other things, the insurance industry could see a drastic drop in this sector of business considering that the construction industry is still trying to come back from its near total collapse in 2009.
Major construction companies are reeling from the aftermath of Dubai’s economic crisis, with many projects having been postponed and property prices falling sharply across the UAE. Arabtec, one of the UAE’s construction giants saw a 40 percent year-on-year drop in profits for the second quarter of 2010, while British construction company Balfour Beatty reported a 10 percent drop in revenue from its Middle Eastern construction business for the first half of 2010, compared with the same time period last year. If the construction industry in the UAE continues to flounder, then it has a potential knock on effect on the property and casualty insurance industry.
Life insurance and fund accumulation operations in the UAE made AED 3.3 billion (USD 898 million) worth of underwriting premiums in 2009, growing 22.22 percent year-on-year. National companies accounted for a 35.1 percent share of the premiums, while the claims ratio for the life insurance business in the UAE rose from 58.8 percent in 2008, to 59.1 percent in 2009.
At the end of 2009, there were 58 insurance companies operating in the UAE, 32 of which are national companies, while the number of insurance brokers working in the country dropped 20 percent to 169 companies. The large drop in the number of insurance brokers was due to many of them being found not in compliance with a regulation of the insurance brokers profession, namely ministerial resolution (543)/2006.
Aug
18
Bajaj Allianz Star Package Covers Multiple Risks in One Policy
Filed Under Allianz, Health Insurance, Income Protection, Life Insurance, Medical Insurance, Uncategorized | 1 Comment
India-based joint-venture Bajaj Allianz General Insurance Company has launched a new policy dubbed the Star Package Policy, which provides modular coverage of up to eight separate risks, ranging from health insurance coverage to home contents insurance.
Star Package provides eight coverage options which are a mix of health insurance, life insurance and general insurance risks. The policy options are incredibly flexible, offering a variety of choices in sums insured for each policy module, as well as family floaters and further options depending on the policy module. The policy requires that a minimum of three coverage options be selected when the policy is taken out. The eight coverage options are: hospital cash, health guard, critical illness, personal accident, education grant, householders contents, traveling baggage, and public liability.
The hospital cash section provides fixed cash benefits to the policy holder for every day someone covered under the policy is hospitalized for up to 30 days, relative to the sum insured. The health guard option offers cashless benefits and reimbursement for medical treatment at hospitals within Bajaj Allianz’s network, with additional options such as organ transplant cover, and medical evacuation, reconstructive surgery and physiotherapy cover.
Critical illness cover pays a lump sum benefit should the insured be diagnosed with a critical illness, subject to the conditions of the policy. The personal accident module provides coverage for the death, permanent total disability (PTD), permanent partial disability (PPD), and temporary total disability (TTD) of the policy holder, paying sums based on the sum insured as well as providing reimbursement of up to 40% of medical expenses incurred.
The education grant section pays the sum insured towards the continuing costs of education for the policyholder’s child or children in the event of the policyholder’s death or permanent total disability. The householder contents module functions the same as first loss basis coverage under Bajaj Allianz’s Standard Fire policy (including earthquakes).
The traveling baggage option pays the policyholder in respect of lost baggage while on tour or holiday. The last module, public liability, protects the insured’s legal liability for bodily injury or damage to the property of third parties.
As mentioned earlier, many of the policy sections offer family floaters, whereby spouses or children can be covered under that policy section for an additional premium. The policy does come with a number of premium discounts as well; with a minimum of 3 options selected, signing up for 4-5 policy sections gets a 10% discount, while opting for 6-8 of the policy sections receives a 15% discount on the premium. Bajaj Allianz also offers long term policy discounts with a 10% discount for 2 years and 15% for 3 years.
Insurance Company Mentioned:
Bajaj Allianz General Insurance Company
Established in early 2001, Bajaj Allianz General Insurance Company Limited is a joint-venture company between Bajaj Finserv Limited and Allianz SE, whereby Bajaj Finserv holds a 74% stake, with Allianz SE holding the remaining 26%. Bajaj Allianz has a network spanning over 200 towns across India and has a paid up capital of INR 1.1 billion (USD 23.6 million).
Aug
18
Singapore’s Great Eastern Holdings Acquires Tahan Insurance in Malaysia
Filed Under Insurance Company, International Healthcare, Life Insurance, Uncategorized | Leave a Comment
The RM15 million (US$4.7 million) acquisition of Tahan Insurance by Singapore listed Great Eastern Holdings has been given approval by Bank Negara. The takeover will be completed by Great Eastern Holdings wholly owned Malaysia insurance company, Overseas Assurance Corporation Malaysia (OACM), who already operate in the Malaysian general and life insurance market.
Bank Negara, Malaysia’s central bank, took control of Tahan Insurance after the previous Malaysian owners, namely Idaman Uggul Bhd, were unable to meet the Malaysian Central bank’s capital threshold requirements.
Bank Negara has been looking for prospective buyers since it took control of Tahan Insurance, with numerous interested parties, including Fairfax Asia, Tokio Marine Asia and Allianz Malaysia, all failing to negotiate terms.
In May 2009, Pricewaterhouse Coopers (PwC) were instructed by Bank Negara Malaysia to find buyers for the general insurer Tahan Insurance, with Great Eastern Holding finally negotiating a deal in August 2010. The potential purchase of Tahan Insurance is still subject to final approval by regulators, but the deal is expected to be completed by the fourth quarter of this year.
Great Eastern Holdings will complete the acquisition of Tahan Insurance through its life and general insurance subsidiary Overseas Assurance Corporation Malaysia (OACM), a wholly owned Malaysian enterprise. The acquisition is expected to cost Great Eastern Holdings approximately RM15 million (US$4.7 million ) and further cement OACM’s presence in the Malaysian insurance industry. This will mean that OACM will obtain an increased number of policyholders in the Malaysian insurance industry and gain access to Tahan range of insurance products, which include; motor, health, medical care and travel insurance.
Great Eastern Holdings Group CEO -Mr Ng Keng Hooi said, “This is one of our plans for OACM to play a more significant role in the general insurance industry. Based on the Group’s strong track record and financial resources, we are confident and well positioned to expand this business and achieve greater growth in the years ahead.”
The takeover by Great Eastern Holdings is part of a strategy to expand their business activity in Malaysia, with Mr Ng Keng Hooi further saying: “From the commercial point of view, there are opportunities to expand our customer base and synergise our products and distribution strengths. The synergy created from the acquisition will further strengthen OACM’s vision to become the general insurer of choice in Malaysia.”
In December 2009, OACM’s network in Malaysia stood at 12 branches and 6 servicing offices, with more than 2600 insurance agents. This business generated a gross premium income of RM223 million (US$ 70.4 million), with total assets exceeding RM380million (US$ 120 million).
OACM and Tahan Insurance are expected to sign a Business Portfolio Transfer Agreement shortly; allowing them to file an application to the High Court of Malaya for final approval and transfer of business from Taham to OACM. In the interim period Tahan policyholders will continue to be served by Tahan insurance until final takeover is completed.
Insurance Companies Mentioned:
Overseas Assurance Corporation (OAC)
Overseas Assurance Corporation (OAC) is the oldest composite insurer in Singapore handling both life and general insurance. Since December 2000 when it became a fully-owned subsidiary of Great Eastern Holdings, its focus has been on strengthening its bancassurance business, with its products distributed through OCBC Bank’s banking network throughout Singapore. It also provides general insurance in Singapore and Malaysia.
Great Eastern
Great Eastern is the oldest and most established life insurance group in Singapore and Malaysia. With $50.9 billion in assets and 3.8 million policyholders, it has two successful distribution channels – the tied agency force and bancassurance. The Company also operates in China, Indonesia, Vietnam and Brunei.
Tahan Insurance
Tahan Insurance Malaysia Berhad provides a range of services in the general insurance business and life assurance. It underwrites general business, such as motor, fire, accident, marine, aviation, and engineering, as well as life.
Aug
16
RSA Bid for Aviva’s UK General Insurance Unit Rejected
Filed Under Aviva, Health Insurance, Insurance Company, Life Insurance, United Kingdom | 1 Comment
RSA has been reported as having made a GBP 5 billion (USD 7.8 billion) bid for Aviva’s general insurance business in the UK, which has been turned down by Aviva’s board. Aviva shares jumped over 5 percent on the news.
RSA has previously targeted much smaller companies for acquisition, such as their purchase earlier in August of Irish insurance company 123 Money Limited. Considering that RSA’s market capitlalization stands only at GBP 4.4 billion (USD 6.9 billion), the purchase of Aviva’s general insurance unit at GBP 5 billion (USD 7.8 billion) would more than double the size of the company, making the financing of such an acquisition both challenging and risky.
Aviva is Britain’s only major composite insurance company, offering general insurance and health insurance as well as life insurance and pension funds. While some analysts see Aviva’s constituent businesses as possibly ripe for the picking, given that pre-tax profit in Aviva’s general and health insurance business fell 3.7 percent year-on-year for the first half of 2010 to GBP 525 million (USD 820 million).
However, with the general and health insurance unit accounting for more than 24 percent of Aviva’s pre-tax operating profit, some see the unit as being strategically important, as it is a vital source of money to finance growth in Aviva’s life insurance business. Considering the fact that Aviva’s total pretax profit grew 21 percent year-on-year in the first half of 2010, and has already signed two major bancassurance deals with RBS and Santander, the latter of which includes a general insurance relationship, it seems unlikely that Aviva would be willing to make the deal.
Insurance Companies Mentioned:
Aviva
Europe’s fourth largest insurance company, with more than 300 years of experience in the global insurance industry, Aviva is committed to the safety and satisfaction of its customers. They sell a broad range of insurance products including motor and property insurance, protection and health insurance, business insurance, life insurance and pensions.
RSA
RSA has a proud heritage dating back almost 300 years. The current company structure was created in 1996 following the merger of two of the largest insurance companies in the UK, Royal Insurance and Sun Alliance. In 2008 the company shortened their name to RSA and simplified and refreshed their corporate brand. RSA has over 20 million customers worldwide. The Group currently manages GBP 14.3 billion of investments. RSA is a member of the FTSE4Good Index. RSA employs around 21,000 people worldwide.
Aug
13
CIMB Sun Life Wins “Best New Company of the Year” International Business Award
Filed Under Health Insurance, Insurance Company, Life Insurance, Medical Insurance | 1 Comment
Indonesia-based joint venture life insurance company, CIMB Sun Life, has been honored as “Best New Company of the Year” by the International Business Awards, also known as the Stevie Awards.
CIMB Group, a universal bank in Southeast Asia headquartered in Malaysia, and Sun Life Financial created the Indonesian-based joint venture CIMB Sun Life which started operations in July 2009. The joint venture life insurance company used their platform as a major provider of accident insurance, life insurance and health insurance to Bank CIMB Niaga, to grow dramatically, leading to the unveiling of three new products in mid-2010.
Bank CIMB Niaga is one of the top 5 banks in Indonesia, with more than 2.5 million customers in the country and a retail branch network covering 655 locations. As Bancassurance channels in Indonesia are the fastest growing sales channel and make up 50 percent of market volume, the tie up between Bank CIMB Niaga and CIMB Sun Life should see CIMB Sun Life garnering a significant market share in years to come.
CIMB Sun Life unveiled Asuransi Cahaya Investa (Cahaya Investa), a regular premium unit linked product providing both life insurance and investment benefits, on the 24th June 2010, due to strong demand in Indonesia for life insurance investment linked products. CIMB Sun Life released two more products on 7th June 2010 in response to strong customer demand, launching Asuransi X-Tra Choice (X-Tra Choice), a similar product to Asuransi Cahaya Investa with more flexible investment management options, and Asuransi X-Tra Cerdas (X-Tra Cerdas) which is an education endowment product that provides for children’s educations as well as life insurance protection for the parents.
Their hard work and extraordinary growth in current economic conditions has earned them the attention of the International Business Awards or the Stevie Awards, whose judges have named CIMB Sun Life as the “Best New Company of the Year”. The Stevie Awards will be presented this year at The Ritz-Carlton Hotel in Istanbul, Turkey on the 27th of September.
Chris Lossin, the Country Manager for Indonesia at Sun Life Financial, said “This award is a tribute to the hard work and dedication of staff at CIMB Sun Life, we should all be very proud of this shared achievement, as it marks another major milestone for this young company within a remarkable timeline.”
While Vivien Kusumowardhani, the President Director of CIMB Sun Life added that “Our early success amidst a challenging economic environment is a testament to our shareholders’ strong vision, values and commitment to the Company, and to Indonesia’s life insurance market, with our strong brand positioning, CIMB Sun Life is on track to achieve further growth in Indonesia.”
Organizations Mentioned:
CIMB Group
CIMB Group offers a full range of financial products and services, from consumer banking, to Islamic banking in 11 markets throughout Southeast Asia. Headquartered in Kuala Lumpur, Malaysia, it has been listed on the main board of Malaysia’s stock exchange, Bursa Malaysia, since 1987.
CIMB Sun Life
CIMB Sun Life is an Indonesia-based joint venture life insurance company offering accident insurance, life insurance and health insurance products. Launched in July 2009, it was set up by an agreement between CIMB Group, its subsidiary CIMB Niaga and Sun Life Financial.
Sun Life Financial
Sun Life Financial is an international financial services organization providing a range of protection and wealth accumulation products and services to individuals and corporate customers.
The International Business Awards
The Stevie Awards were initiated to recognize and honor the positive contributions and achievements of organizations worldwide. The Stevie Awards started with the American Business Awards in 2002, instituted the International Business Awards in 2003, and now also include The Stevie Awards for Women in Business and The Stevie Awards for Sales & Customer Service.