JAKARTA: PT CIMB Sun Life, a joint venture bancassurance life insurance company, posted a premium income of IDR203 billion in IQ/2011.This acquisition increased by six folds compared with the same period last year of IDR22 billion.President Director of CIMB Sun Life Vivien Kusumowardhani said the investment-based insurance products contributed about 50% of total new premium income despite it already marketed in June last year.According to him, investment climate is still attractive, inflation, and BI rate is also in a stable position so that the customers prefer to choose unit-linked."Unit linked with single premium is highly demanded by the customers of PT Bank CIMB Niaga Tbk. However, we are targeting the composition of single premium unit linked with balance regular premium," she said.In marketing a single premium unit-linked, he explained that Sun Life CIMB targets CIMB Preferred customers market because those customers have a minimum balance of IDR500 million and invest for long term and increasing wealth.Currently, CIMB Sun Life protects approximately 722,000 customers and employees of Bank CIMB Niaga, since its establishment in July 2009. Marketing distribution channel of insurance products consist of bancassurance through a branch office of Bank CIMB Niaga, telemarketing, teledirect, corporations, and in branch automatic.Based on the financial statement of the company, CIMB Sun Life's premium income reached IDR290.06 billion in 2010. Meanwhile, claims paid by the company were IDR5.71 billion and investment returns were IDR12.73 billion a year ago."We are targeting three-fold growth of premium compared with last year," said Vivien.Meanwhile, CIMB Sun Life's loss was 53.44 billion in last year. She said that the company has not yet posted a profit since the company's claim expenses reached IDR343.41 billion in 2010.Assistant Vice President for Marketing and Corporate Communications CIMB Sun Life Nadya Siregar said the company will launch a single premium unit-linked products and conventional life insurance, including critical illness and hospitalization insurance in second half of this year. (19)(t03/msw)

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