About Commonwealth Life
Commonwealth Life started to serve its customers 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') Group (CMG Asia Life Holdings Limited 50% shares and Commwealth International Holdings PTY LTD 30% shares) 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 Perusahaan Asuransi Jiwa Terbaik Indonesia continually reviews and develops its products and services. It currently has a presence in 19 major cities throughout Indonesia and 7,500 agents to cater individual and group customers across the country.
Commonwealth Life offers a wide range of products that includes unit link protection, savings & investment (Investra Link), traditional life cover (Danatra Cendekia, Danatra Sejahtera), protection towards savings and credit (COMM Protection), also additional insurance programs (accident insurance, hospitalization & critical illness). Investra Link Life Insurance for Children
The financial performance of Commonwealth Life has completed with many improvement in financial report 2011. The profit has increased with nominal Rp. 181 billion that higher than previous year of Rp. 148 billion. This improvement has also influenced the financial situation of Commonwealth Life that marked by 676% of Risk Based Capital – RBC, over 5 times the level of nominal standard required by the regulator. Total asset in 2010 as big as Rp.3.4 trillion and has increased up to Rp. 4 trillion in 2011. 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:
- PermataBank
Commonwealth Bank
BTPN Bank
BCA Finance
BII Maybank
Bank BNP
OCBC NISP Bank
Bank Index
Mayora Bank
Adira Insurance
Olympindo Multifinance
Commonwealth Life Perusahaan Asuransi Jiwa Terbaik Indonesia also distributes its products to banking and non-banking business partners through bancassurance programme. Our business partners include the following:
- Citibank
BCA Card
Astra World
Telkomsel
PermataBank
Commonwealth Bank
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:
- Cologne Re (rating AA+ oleh Standard Credit Rating)
Gen Re (rating AA+ oleh Standard & Poor's)
Marein (rating A oleh Pefindo)
MetLife (rating A+ oleh Standard & Poor's)
- Munich (rating AA- oleh Standard & Poor's)
ReIndo - Reasuransi Indonesia (rating A+ oleh Pefindo)
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