Commonwealth Life

Commonwealth Life was established in 1992 under name Astra Jardine CMG Life which then became Astra CMG Life in 1997. The name of PT Commonwealth Life was introduced in July 2007 pursuant to the Decree of Ministry of Justice and Human Right no. W7-07188 HT.01.04-TH 2007 regarding the Approval of Deed for Amendment of Articles of Association of Limited Liability Company.

Today the shares of Commonwealth Life are owned 80% by Commonwealth Bank of Australia (‘CBA’) and 20% by PT Gala Arta Jaya. CBA is one of Australia’s foremost financial services companies. CBA also own life insurance companies  – CommInsure in Australia and Sovereign in New Zealand – each of them is the biggest life insurance company in their respective countries.

In line with the company’s vision and commitment to always be the best, Commonwealth Life continually reviews and develops its products and services.  It currently has a presence in 18 major cities throughout Indonesia and 5,000 agents to cater individual and group customers across the country. 

Board of Directors

President Director                    : Simon Bennett

Operations Director                 : Tony Cook

Agency Sales Director             : David Ng

Technical Director                   : Agus Setiawan

Board of Commissioners

President Commissioner       : Geoffrey David Coates

Commissioner                         : Edmond U

Commissioner                         : Helen Wijaya

Independent Commissioner : David John Morris

Commonwealth Life offers a wide range of products that includes unit-linked savings & investment (Investra), traditional life cover (Danatra Multiguna and Danatra Pundi), education insurance (Danatra Cendekia), protection against personal accident, hospitalization & critical illness, and credit protection (Credit Shield and Credit Guard) related to credit cards and personal loans.

The financial performance of Commonwealth Life has completed with many improvement in financial report 2009. The profit has increased with nominal Rp. 115 million that higher than previous year as much as Rp. 67 million. This improvement has also influenced the financial situation of Commonwealth Life that marked by 505% of Risk Based Capital – RBC, over 4 times the level of nominal standard required by the regulator. Similar with the profit improvement, total premium is also increase up to Rp. 699,742 or about 8% from last year as much as Rp 641 million. Total asset in 2008 as big as Rp.1.83 trillion and has increased up to Rp. 2.5 trillion in 2009. This accomplishment will give a motivation to us to reach higher achievement in life insurance industry in Indonesia.

For group insurance and credit protection, Commonwealth Life has several business partners, which include the following:

• Permata Bank
• NISP Bank
• Commonwealth Bank
• Index Selindo Bank
• UIB Bank
• Astra Group

Commonwealth Life also distributes its products to banking and non-banking business partners through its bancassurance programme. Our business partners include the following:

• Citibank
• Permata Bank
• BCA
• Commonwealth Bank
• Astra World
• Astra Credit Companies

Reinsurance

In order to ensure the greatest possible degree of risk sharing Commonwealth Life has chosen reinsurance companies that have a high international reputation.  This credibility is reinforced by the ratings issued by Pefindo and Standard & Poors as follows:

• Munich Re (rating AA-)
• MetLife Services (Singapore) Pte Ltd (rating AA)
• ReIndo - Reasuransi Indonesia (rating A-) 
• Marein (rating good)