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, and its major life insurance brands – CommInsure in Australia, Sovereign in New Zealand, and Colonial in Fiji – are each the biggest life insurers in their respective countries.
In line with the company’s vision and commitment to excel in customer service Commonwealth Life continually reviews and develops its products and services. It currently has a presence in more than 15 major cities/towns throughout Indonesia and 4,000 agents who service individual and group customers across the country.
Board of Directors
President Director : Simon Bennett
Chief Financial Officer : Robin Clark
Operations Director : Tony Cook
Board of Commissioners
President Commissioner : Geoffrey David Coates
Commissioner : Edmond U
Commissioner : Malakai Naiyaga
Commissioner : Helen Wijaya
Independent Commissioner : David 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 been one of steady growth. During 2007 the company received premium income of Rp 853.78 billion, paid policy benefits of Rp 134.71 billion, and recorded a net profit of Rp 79.95 billion. At the end of the year the total of assets held was Rp 1.71 trillion, and the solvency margin was considerably in excess of the required level. The company’s paid-up capital is Rp 91.55 billion.
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)