Danamon and Manulife Extend Collaboration

Danamon and Manulife extend collaboration to support Indonesia’s growing insurance and wealth management needs

Jakarta / Hong Kong – PT Bank Danamon Indonesia Tbk (“Danamon”) and PT Asuransi Jiwa Manulife Indonesia (“Manulife Indonesia”) have extended their bancassurance agreement to better meet the increasingly sophisticated financial needs of Indonesian individuals, families and businesses.

Danamon and Manulife have been jointly offering innovative insurance and wealth management solutions in Indonesia under a strategic partnership commencing in 2011. The new agreement extends this relationship until 2036, allowing the two financial services leaders to continue to develop and offer tailored solutions, including pension funds, health protection and sharia-compliant insurance products to their customers.

Tailored solutions coupled with innovative products and services, enhanced processes and technology will be offered and jointly developed by Manulife and Danamon. These solutions will be distributed through Danamon’s extensive branch network and growing digital channels across the Indonesian archipelago. Manulife’s partnership with the bank includes Danamon’s subsidiary PT Adira Dinamika Multi Finance Tbk (“Adira Finance”).

Danamon President Director Yasushi Itagaki said: “As shown in our strong relationship spanning multiple customer segments, Danamon and Manulife have highly complementary strengths and a shared focus in providing customer-centric banking, insurance and wealth management solutions and services. We are delighted to extend our strong partnership with Manulife and look forward to further growth as we continue to contribute to the economic development of Indonesia. This partnership underscores the strength of collaboration, a value that we are rigorously implementing in our business model to serve our customers better by providing them with a comprehensive suite of products and services to meet their financial needs.”

With a strong global reputation and a 35-year history in Indonesia, Manulife has an impressive track record of helping Indonesians protect their loved ones and grow their wealth for a better future by offering life and health insurance, as well as investment and pension plans. This makes Manulife an ideal collaborator for Danamon. Danamon is one of Indonesia’s leading full service commercial banks that provides banking to customers across 34 provinces in the country. Danamon’s strong local capabilities and network in Indonesia is supported by the global relationship and international expertise of its parent, Mitsubishi UFJ Financial Group (MUFG) of Japan, one of the world’s largest financial institutions.

With the support from MUFG, Danamon is charting a path to grow in the coming years, enabling the bank to deliver long-term value to all its stakeholders. This allows Manulife to leverage that growth and further accelerate its distribution in Indonesia, as both leading financial institutions continue to digitise and make lives better for Indonesian customers, families and communities.

Ryan Charland, President Director and Chief Executive Officer of Manulife Indonesia, said: “Danamon remains one of Manulife’s most important bancassurance partnerships in Asia. The extension of our agreement is a testament to the success of this longstanding relationship and a vote of confidence in Indonesia’s long-term economic potential. We are pleased to be extending our partnership and providing peace of mind to customers in Indonesia at a time when strength and resilience are more important than ever.”