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CIMB Niaga Expands Portfolio, Includes Insurance Products

Involved life and general insurance companies to attract more customers

Indonesia-based CIMB Niaga Bank has expanded its business portfolio by including life and general insurance products in order to extend its market reach – reported The Jakarta Post.

CIMB Niaga has already launched CIMB Sun Life in partnership with Sun Life Financial. This alliance intends to offer life, accident and health insurance products and services to CIMB Niaga, through its 655 retail branches across the nation.

Vivien Kusumowardhani, president and director of CIMB Sun Life, said: We are aiming to earn Rp1 trillion ($100.5 million) in premiums for the next five years. The main barrier is to educate the public on the necessity of having insurance. Indonesia is far behind our neighboring countries in terms of life insurance market penetration.

Arwin Rasyid, president and director of CIMB Niaga believes that the venture would multiply income from the bank facilitating sales of insurance services, quoted the jakartapost.com.