Sun Life Indonesia and CIMB Niaga deepen bancassurance partnership in Indonesia

Sun Life Financial Indonesia, a subsidiary of Sun Life Financial,  and PT Bank CIMB Niaga Tbk announced today that they are deepening their existing partnership in Indonesia.

Sun Life Indonesia currently offers insurance solutions to CIMB Niaga customers through digital and out-of-branch channels. This new agreement makes Sun Life Indonesia the provider of insurance solutions to CIMB Niaga customers through all channels for a term of 15 years starting in January 2025. It also extends the term of the existing relationship by six (6) years to 2039.

This partnership combines Sun Life Indonesia’s comprehensive range of insurance solutions and expert Client care across all life stages with CIMB Niaga’s extensive distribution network of 427 branches serving seven (7) million customers across Indonesia. Established in 1955, CIMB Niaga is the second largest private bank by total assets in Indonesia as of December 31, 2021. Sun Life is also the exclusive bancassurance partner for CIMB Group in Malaysia.

The Indonesian market is the largest economy in Southeast Asia and offers significant growth potential, reflecting a young, emerging middle class with low insurance penetration rates. This deepening partnership will accelerate Sun Life’s long-term strategy to grow its distribution capacity, supported by bancassurance. It will also enhance the value proposition for CIMB Niaga customers and provide them with a comprehensive range of protection and long-term savings solutions to address their evolving needs.

“We are delighted to deepen our regional partnership with CIMB to help millions more Clients in Indonesia achieve lifetime financial security and live healthier lives,” said Ingrid Johnson, President of Sun Life Asia. “It will also extend Sun Life’s reach in a market with tremendous potential for further growth with a partner that shares our focus on building a brighter, more sustainable future for Clients, employees and communities.”

“We are pleased to deepen our partnership with Sun Life Indonesia. This partnership marks another step in CIMB Niaga’s continued efforts to be the bank of choice for Indonesian consumers and businesses. CIMB Niaga and Sun Life Indonesia have highly complementary strengths and a shared focus on providing an extraordinary experience for our customers. Together, we foresee that this partnership will help us create significant lasting value for our customers and key stakeholders,” said CIMB Niaga President Director Lani Darmawan.

“As one of Indonesia’s leading banks, our customers rely on us to deliver best-in-class products and services. By deepening our partnership with Sun Life Indonesia, we are reaffirming our commitment to provide high-quality solutions across wealth and insurance products to serve customers’ needs today and in the future,” said Noviady Wahyudi, Chief of Consumer Banking CIMB Niaga.

“It is a great honour to strengthen the partnership between Sun Life Indonesia and CIMB Niaga. CIMB Niaga is a quality bank with a well-known brand and has been a trusted partner to Sun Life Indonesia since 2009. During that time, we have developed a lasting partnership as we worked together to build a comprehensive range of protection and financial solutions for Indonesians at every life stage,” says Elin Waty, President Director of Sun Life Indonesia.