Indonesia: Danamon and Manulife extend bancassurance agreement to 2036

| 28 Apr 2020

Bank Danamon Indonesia and Manulife Indonesia have extended their bancassurance agreement to better meet the increasingly sophisticated financial needs of Indonesian individuals, families and businesses.

Danamon and Manulife have been jointly offering insurance and wealth management solutions in Indonesia under a strategic partnership commencing in 2011.

The new agreement extends this relationship until 2036, allowing the two financial services leaders to continue to develop and offer tailored solutions, including pension funds, health protection and sharia-compliant insurance products to their customers.

Tailored solutions will be offered and jointly developed by Manulife and Danamon. These solutions will be distributed through Danamon’s extensive branch network and growing digital channels across the Indonesian archipelago. Manulife’s partnership with the bank includes Danamon’s subsidiary PT Adira Dinamika Multi Finance Tbk (“Adira Finance”).

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Danamon President Director Yasushi Itagaki said: “As shown in our strong relationship spanning multiple customer segments, Danamon and Manulife have highly complementary strengths and a shared focus in providing customer-centric banking, insurance and wealth management solutions and services. We are delighted to extend our strong partnership with Manulife and look forward to further growth as we continue to contribute to the economic development of Indonesia.”

Ryan Charland, President Director and Chief Executive Officer of Manulife Indonesia, said: “Danamon remains one of Manulife’s most important bancassurance partnerships in Asia. The extension of our agreement is a testament to the success of this longstanding relationship and a vote of confidence in Indonesia’s long-term economic potential. We are pleased to be extending our partnership and providing peace of mind to customers in Indonesia at a time when strength and resilience are more important than ever.”

PT Bank Danamon Indonesia Tbk was founded in 1956. As at 31 December 2019, the bank managed IDR 194 trillion in assets along with its subsidiary, PT Adira Dinamika Multi Finance Tbk. (“Adira Finance”). In terms of shareholding, 94.1% of Bank Danamon shares are held by MUFG Bank and 5.9% by the public. The bank is supported by a network of 856 outlets, including conventional branches, syariah units, other outlets, and more than 60,000 ATMs through partnerships with ATM Bersama, PRIMA, and ALTO across 34 provinces in Indonesia.

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Established in 1985, PT Asuransi Jiwa Manulife Indonesia (“Manulife Indonesia”) is part of Manulife Financial Corporation Group, a Canadian financial services group that operates in Asia, Canada and the United States. Manulife Indonesia offers a wide range of financial services, including life insurance, accident and health insurance, investment and pension plans to individual customers and group clients in Indonesia. Through a network of more than 9,000 employees and professional agents spread across 26 sales offices, Manulife Indonesia serves more than two million customers in Indonesia.

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