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 19 major cities throughout Indonesia and 7,000 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
Alternative Distribution Channels Director : Pieter Wattimena
Board of Commissioners
President Commissioner : Graham Eric Putt
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 Link), 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 2010. The profit has increased with nominal Rp. 148 billion that higher than previous year as much as Rp. 115 billion. This improvement has also influenced the financial situation of Commonwealth Life that marked by 609% of Risk Based Capital – RBC, over 5 times the level of nominal standard required by the regulator. Similar with the profit improvement, total premium is also increase up to Rp. 1.214.483 from last year as much as Rp 699 billion. Total asset in 2009 as big as Rp.2.5 trillion and has increased up to Rp. 3.4 trillion in 2010. 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
- OCBC NISP Bank
- Commonwealth Bank
- Index Selindo Bank
- BTPN Bank
- Mayora Bank
- BCA Finance
- Adira Insurance
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 A)
- Cologne Re (Rating AAA)