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Press Releases

Mitsui Sumitomo Insurance Announces Strategic Alliance with Leading Life Insurer in Indonesia

May 2, 2011

Mitsui Sumitomo Insurance Co., Ltd.

1.Scheme of Investment in Sinarmas Life

2.Overview of Sinar Mas Group and Sinarmas Life

Sinar Mas Group is one of the largest conglomerates in Indonesia, operating financial, insurance, paper/pulp, agricultural, food and real estate businesses.

The life insurance business is positioned as the group's core business affiliated to its financial holding company (Sinar Mas Multiartha), together with its non-life insurance and banking businesses. Sinarmas Life, ranking third out of 45 life insurers in Indonesia in terms of premiums written distinguishes itself as one of the leading companies in the industry.

Sinarmas Life has achieved strong profitability and continuous growth of its top line due to its dominant brand and differentiated business model. It generated net income of 5.2 billion Japanese yen out of premiums written of 89.1 billion Japanese yen in FY2010, achieving 36% ROE.

The life insurer has accomplished strong growth and profitability by distributing a wide range of products that meet customer needs, through its main distribution channels of agency and bancassurance, and additionally through diverse distribution channels such as direct marketing.

(Reference) Overview of Sinarmas Life

Established in 1985
Life insurance premiums written Approx. JPY 89.1 billion (FY2010)
Net income Approx. JPY 5.2 billion (FY2010)
Total assets Approx. JPY 109.9 billion (FY2010)
Net assets Approx. JPY 14.4 billion (FY2010)
ROE 36% (FY2010)
Employees 707 * as of March 2010
  • *Japanese Yen amounts assuming an exchange rate of 1 Indonesian Rupiah = 0.0096 Japanese Yen

3.MSI's Asia Strategy

As one of MSI's strategies to achieve sustainable growth, MSI aims to actively invest in overseas non-life and life insurance businesses. Looking back on past investment in life insurance sector, MSI has been strategically focusing on the fast-growing Asian market and has achieved steady expansion by acquiring a stake in Sinatay Life Insurance Co., Ltd., a life insurer in China in April 2010 and investing in Hong Leong Assurance Berhad, a life insurance company in Malaysia in October 2010. In April 2011, MSI completed its investment in a company operating Takaful business under Hong Leong Group and entered the Takaful insurance market. MSI will accelerate measures to strengthen its business platform going forward.

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