Sign up | Log in



Home  >>   Daily News  >>   Indonesia  >>Insurance  >> BNI Life aims to join the big league in 2019
NEW UPDATES Asean Affairs   5 March  2015  

BNI Life aims to join the big league in 2019

Life insurer BNI Life — a subsidiary of state lender Bank Negara Indonesia (BNI) — aims to be among the top five insurance firms in terms of new business premiums by 2019 as it seeks to capitalize fresh funds from its new shareholder, Japan’s Sumitomo Life Insurance Company.

BNI Life president director Budi Tampubolon said the company was eyeing the top-five list, an achievement that would propel its position from 13th place last year.

“We have formulated a new business plan that will see us optimize our relations with existing shareholders,” he said in a discussion held recently.

BNI Life is currently 60 percent controlled by BNI and 40 percent owned by Sumitomo. The latter officially became a stakeholder in the life insurer in May 2014, after completing an Rp 4.2 trillion (US$323.25 million) acquisition of shares.

Following the acquisition, the firm’s risk-based capital (RBC) ratio now stands at 2,500 percent, much higher than the 120 percent benchmark set by the financial regulator.

The RBC ratio is commonly used to determine the capital adequacy of a life insurance company.

Supported by the increase in capital, Budi said that BNI Life was looking to improve its information technology (IT) system, boost the number of its agents, open new branches and develop more bancassurance business with parent company BNI.

“In bancassurance, we hope to be present in all of BNI’s branches. At the moment, we are present at 800 branches, covering only half of BNI’s network,” he said.

BNI Life commissioner Masaya Honjo, who sits as one of Sumitomo’s representatives in the firm, said the Japanese company was bringing in its own expertise to assist BNI Life in fulfilling its target.

“Sumitomo has the largest bancassurance business in Japan right now and it possesses the IT expertise as well. If we can implement that expertise in BNI Life, I’m sure we can enter the top five even sooner, in less than five years,” he told reporters.

For this year alone, BNI has set its total premium income target at Rp 3.8 trillion. If achieved, it will see the figure climb by more than double from the Rp 1.5 trillion posted in its 2014 unaudited financial report.

In terms of net profit, it is eyeing as much as Rp 280 billion, also more than double the Rp 128 billion reaped in 2014.

“We are optimistic because by the end of January, we already booked Rp 35 billion in net profit. If we continue at the same pace, we may surpass the net profit target by year-end,” explained Budi.

Meanwhile, Yap Tjay Soen, BNI Life president commissioner, who is also BNI finance director, said he believed the life insurer would be able to provide better fee-income business for the bank compared to previous years.

Data from BNI shows that insurance made up for Rp 1.07 billion — equal to 0.5 percent only — of its fee-based income in the consumer and retail segment in 2014.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                           March 5 , 2015 Subsribe Now !
• Major Ha Noi projects to miss their deadlines Subcribe: Asean Affairs Global Magazine
• BNI Life aims to join the big league in 2019
• Indonesia Vice-President Kalla shoots down complaints about haze
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Malaysia still top choice for Muslim travellers: Report
• Brunei urged to use East Malaysia’s attractions to boost local tourism
Asean Analysis                    February 27, 2015
• Asean Analysis February 27, 2015
Four key capital cities across developing ASEAN countries report marginal growth in tire sales volume in 2014: GfK
Advertise Your Brand

Asean Stock Watch  March 3,  2015
• Asean Stock Watch-March 3, 2015
The Biweekly Update
• The Biweekly Update February 20, 2015

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand