Premiums Two Life Insurance Growing over Industry

CIMB Sun Life Management and Commonwealth Life can breathe sigh of relief, because it managed to achieve premium growth above 15% over 2012, while the average premium of the life insurance industry grew 7%.

As of December 2012. CIMB Sun Life insurance gross premiums successfully recorded at Rp 1.08
trillion, an increase of 15% over the previous year. While the acquisition of Commonwealth Life gross premiums recorded Rp 1.65 trillion or grew 36% over the last year.

President Director of CIMB Sun Life, Vivien Kusumowardhani said the achievement of these results prove that the company as a new player to compete in the industry. CIMB Sun Life Penompang growth comes from the new premium redemptions of Rp 1.04 trillion, up 4% over the previous year to Rp 908 billion.

CIMB Sun Life has a total of 20 products on the market. Penompang Another potential market is vast cultivable, by targeting customers of Bank CIMB Niaga, and markets its products through bank branches CIMB Niaga, telemarketing, and bundled with the product and agent bank.

As for the level of health or risk-based capital (RBC) CIMB Sun Life last year reached 383% with total assets of Rp 1.83 trillion. The supporters of Commonwealth Life premium growth from unit-linked products, although the prestige of these products began to fade, the share of unit-linked in the Commonwealth to reach 70% of the total premium, and the rest of traditional products. Link units to grow 30%, as stated by Agus Setiawan, Director of Engineering Commonwealth. Another factor is the number of realtors Commonwealth Life, which last year reached 8,000 people and this year will be hoisted to 10,000 people.

Contribution to total agency premium is 35%, bancassurance 35% and 30% of direct marketing as well as group insurance. Based on data from the Financial Services Authority (OJK) until the end of 2012, life insurance premiums grew only 7% to Rp Rp 103.51 trillion, while the general insurance and reinsurance premiums rose 10% to Rp 42.9 trillion and social insurance grew 15.5% to Rp 7.79 trillion, insurance PNS / TNI / police normally grow with the increase of 28.3% to Rp 17.3 trillion.