Sun Life & CIMB Niaga Officially Launch Preferred Bancassurance Partnership

• Sun Life and CIMB Niaga extended partnership to 2039.
• The goal of this collaboration is to deliver innovative financial solutions that are easily accessible to everyone in Indonesia
• Sun Life and CIMB Niaga are also launching the “Pasti Jadi Lebih” Xperience financial empowerment program.

JAKARTA, 15 January 2025 – PT Sun Life Financial Indonesia (Sun Life Indonesia) and PT Bank CIMB Niaga Tbk (CIMB Niaga) have officially launched a bancassurance partnership that will last until 2039. This is in line with the increasing public awareness of the importance of easily accessible insurance protection, as well as serving as a one stop financial solution. The event was marked by the launch of the “Pasti Jadi Lebih” campaign, an initiative designed to empower individuals in managing their health and wealth.

Sun Life and CIMB Niaga recognize the changing trends in Indonesia, where a rising middle class, higher demand for accessible financial services (especially in cities with limited financial access), and a preference for integrated solutions fueled the growing popularity of the bancassurance model. Data from the Indonesian Life Insurance Association (AAJI) shows that bancassurance generated 41.7% of all premium income in the first half of 2024 and remained the dominant distribution channel through Q3 2024, with premiums reaching IDR 57.70 trillion as per September 2024, a 2.9% year-on-year increase. This growth is further amplified by a heightened focus on health and financial well-being, particularly after the COVID-19 pandemic, driving demand for comprehensive protection and risk management solutions.

Teck Seng Ho, President Director of Sun Life Indonesia, acknowledges Indonesia as a high-potential market for bancassurance, where people are increasingly aware of the importance of adequate insurance protection products. He stated, "Indonesia is a key market for Sun Life, and we see tremendous opportunity to leverage our combined strengths with CIMB Niaga, as Indonesia’s second largest privately owned bank, to deliver truly innovative solutions. We're not just extending a partnership; we're deepening our commitment to Indonesian families, helping them navigate the complexities of financial planning, protect their health, and build a more secure future. “Pasti Jadi Lebih” embodies our shared vision of empowering Indonesians to achieve their lifetime financial goals and live healthier, brighter lives."

Built upon a foundation established in 2016 with the launch of traditional life insurance Asuransi X-Tra Jaga and the merger of PT CIMB Sun Life into Sun Life, this bancassurance partnership is now extended to 2039. “This strong alliance originated in 2022 with a 15-year agreement commencing in January 2025. This long-term commitment underscores the success of the collaboration, currently recognized as the highest growth bancassurance partnership in Indonesia,” said Kevin Strain, President and CEO of Sun Life.

Until 2039, this collaboration focuses on providing more comprehensive solutions through a complete range of product offerings catering to various life stages, a more improved and personalized client experience, enhanced digital capabilities, and improved financial literacy programs to achieve future financial goals. Leveraging CIMB Niaga's extensive distribution network, including 404 branches & network in 102 cities across Indonesia, and combining it with Sun Life's international-standard capacity, this partnership aims to deliver innovative solution value by providing innovative solutions while setting new standards for customer-centric financial services.

The system integration between Sun Life and CIMB Niaga with strong and comprehensive digital capabilities will offer added value and convenience for customers. Especially in after-sales service through the OCTO Mobile and OCTO Clicks applications to access various policy information, such as policy benefit information, claim history, heir information, and other important information. This service will also continue to be developed and updated in the future to provide increasingly excellent capabilities for loyal customers.

“Our long-standing collaboration with Sun Life is founded on shared values and a unified vision for a more financially secure Indonesia. This extended partnership reaffirms our dedication to delivering comprehensive financial solutions while empowering individuals and families across the country. With the physical and digital network capabilities of CIMB Niaga, while also supported by the #WorkFromHeart commitment of our employees, this strategic alliance with Sun Life promises to provide even greater value and support to clients as they strive to achieve their financial protection goals for the future,” said Lani Darmawan, President Director & CEO CIMB Niaga.

“Pasti Jadi Lebih” Xperience

To strengthen the partnership and commitment to a brighter future, Sun Life and CIMB Niaga are proud to launch the PastiJadiLebih Xperience. The PastiJadiLebih Xperience will take place on January 18-19, 2025, at Kota Kasablanka Mall, where in that event Sun Life offers a variety of programs and facilities to Clients, employees, and the wider community, providing opportunities to learn and grow through a series of programs that can enrich Indonesians' knowledge of financial matters. This event provides access to expert advice on wealth management, health, and wellness, featuring consultations on various topics ranging from financial planning to feng shui.

Participants can also benefit from informative financial talks, enjoy exclusive access to Legacy Xperience, Couple Xperience, Kids Xperience and experience top-tier entertainment with a performance by Maliq & D'Essentials. This initiative reflects Sun Life and CIMB Niaga's shared dedication to empowering individuals and fostering a healthier, more prosperous future for the Indonesian people.

"Sun Life and CIMB Niaga recognize the increasing importance of bancassurance for Clients who need integration between insurance and banking products. We are more than just a conventional insurance provider. We have embraced digital transformation to connect with Clients, striving to provide lifelong financial security and promote healthier lifestyles. We are committed to providing innovative and accessible financial solutions for everyone," Teck Seng Ho concluded.

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2024, Sun Life had total assets under management of $1.51 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

About Sun Life Indonesia

Sun Life Indonesia is a subsidiary of Sun Life Financial. We offer a variety of products protection and wealth management, from life insurance, education insurance, health insurance, and retirement plans. Sun Life partners with leading financial institutions, both national and international, to serve multi-distribution channel strategies and provide wider access to our insurance solutions. As of September 30, 2024, our conventional agency distribution of is supported by more than 3,166 sales force and 49 Conventional Independent Marketing Offices throughout Indonesia. Whilst Sharia distribution is supported by more than 1,483 agents with 18 Sharia Independent Marketing Offices throughout Indonesia.

As of September 30, 2024, Risk Based Capital (for Conventional business) is 586%, far exceeding the government’s minimum requirement which of 120% and Risk Based Capital (for Sharia business) is 256%, which meets the government’s minimum requirement of 120% with total assets of Rp19.7 trillion.

Sun Life Indonesia has won several prestigious awards in 2024 including:

1. Best Public Relations in Providing Protection Solution Through Innovative Product and Service - Indonesia Public Relations Award 2024

2. Indonesia Excellence Good Corporate Governance Ethics in Marketing and Distribution Channel Optimization – Indonesia Excellence GCG Awards 2024

3. Best Unit Link Award 2024

• Sharia Money Market Categories for 3 Year Period: Salam Pasar Uang
• Fixed Income Category USD Conventional 5 Year Period: High Yield Income Fund

4. Unitlink Awards 2024

• USD Group of Conventional Money Market Funds: Sun Life Money Market Fund
• USD Group of Conventional Fund Stocks: Global Yield Equity Fund
• Sharia Fund Money Market Group: Salam Pasar Uang

5. The Most Innovative Life Insurance for Providing Practical and Integrated Service through Digital Transformation - Indonesia Digital Innovation Awards 2024

6. Indonesia Most Acclaimed Company 2024 with Outstanding Solution Protection for Various Customer Needs and Financial Purposes, (Category: Life Insurance) - Indonesia Most Acclaimed Companies Awards 2024

7. Best Insurance 2024 (Category: Best Equity Growth for Asset 10-25 Trillion) - Best Insurance Awards 2024

8. Insurance Market Leaders Award 2024

• Life Insurance Market Leaders 2024
• Sharia Life Insurance Market Leaders 2024

9. Indonesia Best CX-EX Strategy with Very Good Predicate – Indonesia Best CX-EX Strategy Award 2024

10. Best Corporate Social and Environmental Responsibility Awards 2024 for Improving Community’s Life Quality through Financial Literacy and Healthy Lifestyle Campaign – Indonesia CSR Awards 2024

11. Indonesia Best Life Insurance 2024 for Enhancing Market Penetration by Strengthening Strategic Partnership and Distribution Channels - Indonesia Best Insurance Awards 2024

12. Indonesia Customer Experience Champions with Very Good Predicate – Indonesia Customer Experience Champions 2024

 For more information, please visit www.sunlife.co.id.

Tentang CIMB Niaga

PT Bank CIMB Niaga Tbk (CIMB Niaga; IDX: BNGA) adalah bank swasta nasional terbesar kedua di Indonesia yang didirikan dengan nama Bank Niaga pada tahun 1955. Selama hampir tujuh dekade, CIMB Niaga hadir melayani masyarakat Indonesia dengan produk dan layanan perbankan lengkap, baik konvensional maupun Syariah. Layanan ini meliputi segmen Consumer Banking, Emerging Business Banking (EBB)/Small Medium Enterprise (SME), Commercial Banking, dan Corporate Banking, yang didukung dengan kapabilitas Treasury dan Capital Market. Untuk memudahkan kebutuhan transaksi digital nasabah, CIMB Niaga terus menghadirkan solusi digital banking terdepan melalui inovasi digital OCTO Mobile, OCTO Clicks, OCTO Pay (e-money), BizChannel@CIMB, serta kantor cabang modern Digital Lounge dan Digital Branch.

Mengusung brand promise Kejar Mimpi, CIMB Niaga berkomitmen mendukung pertumbuhan ekonomi nasional dengan menjadi mitra terbaik dan Bank of Choice bagi seluruh segmen masyarakat di Indonesia dalam mewujudkan aspirasinya. Sebagai bank yang peduli dengan bumi dan generasi masa depan, CIMB Niaga konsisten mengimplementasikan keberlanjutan (sustainability) dalam menjalankan usahanya melalui sinergi aspek lingkungan hidup, ekonomi, sosial dan tata kelola ke dalam proses perbankan, dengan mengusung inisiatif #SekarangUntukMasaDepan. Untuk mendukung inklusi keuangan termasuk di Indonesia Timur, CIMB Niaga juga aktif melakukan pemberdayaan masyarakat melalui CommunityLink #JadiBerkelanjutan.

Dengan semangat Work From Heart, CIMB Niaga terus memberikan pelayanan terbaik bagi nasabah. Per 30 September 2024, layanan CIMB Niaga didukung dengan 11.959 karyawan (konsolidasi), 404 kantor cabang dan jaringan (termasuk 36 digital lounges), 3.405 ATM, serta 598.334 EDC, QR, dan e-Commerce yang tersebar di 102 kota di Indonesia.

For further information, please contact: 

Kaiser Simanungkalit

VP, Head of Branding, Communications & Client Experience 

Sun Life Indonesia

Tel: +6221-5289-0000 

Faks: +6221 5289-0019 

E-mail: Kaiser.Simanungkalit@sunlife.com

Hery Kurniawan

Corporate Communications Head

PT Bank CIMB Niaga Tbk

Tel: (021) 2700555 

Website: www.cimbniaga.co.id