Sun Life, CIMB merge life-insurance businesses in Indonesia

Life insurer Sun Life Financial Indonesia has officially integrated with Malaysia’s financial group CIMB subsidiary CIMB Sun Life following the Rp 550 billion (US$41.8 million) acquisition of 51 percent shares in CIMB Sun Life.

Sun Life Financial Indonesia president director Elin Waty said the acquisition, conducted between April and June, was in line with the government’s single presence policy. In the corporate action, Sun Life is now the surviving entity.

“We warmly welcome CIMB Sun Life’s employees and look forward to working together as a unified business with an even greater ability to serve our clients […] It is also in line with Sun Life Indonesia’s vision to assist people to increase their welfare,” she said in Jakarta on Thursday.

Sun Life Financial Asia president Kevin Strain added that the acquisition also represented the company’s effort to strengthen its platform across the Asian market.

“The life insurance sector in Indonesia has enormous potential and is a priority market for our long-term growth in Asia,” he said.

Strain further said the merger would strengthen Sun Life Financial’s commitment to invest US$40 million to increase its online penetration and strengthen its brand presence in Indonesia.