KUALA LUMPUR — June 3, 2016: CIMB Group has teamed up with Japan’s largest bancassurance insurer, Sompo Japan Nipponkoa Holdings Inc. to distribute the latter’s non-life insurance products through its network of branches, call centres and online channels in some countries within the region.
The selection of Sompo was the culmination of an extensive regional selection process in search of the right mix of organisation stability, growth track record, product proposition, digital capabilities as well as alignment with the group’s objectives on creating long-term value.
“Bancassurance is one of the key components of CIMB group’s consumer and commercial propositions, in line with the group’s direction to grow these segments to achieve the goals of our T18 strategy1 .
“The group is pleased to have entered into this partnership with Sompo, which is the largest bancassurance insurer in Japan with total assets of US$89.7 billion and net written premiums of US$22.5 billion,” said Tengku Datuk Seri Zafrul Aziz, group chief executive of CIMB Group in a statement to Bursa Malaysia today.
CIMB Group is Malaysia’s second largest financial services provider and one of Asean’s leading universal banking groups. Headquartered here, the group is present in nine out of 10 Asean nations. Beyond that it is present in China, Hong Kong, Bahrain, India, Sri Lanka, Taiwan, Korea, the United States and United Kingdom.