REPUBLIKA.CO.ID, JAKARTA -- State owned banking company, PT Bank Negara Indonesia (BNI) conducts a strategic partnership with Sumitomo Life Insurance Company. Sumitomo acquired new shares issued by BNI Life Insurance worth 4.2 trillion IDR.

Sumitomo Life now has 40 percent shares of BNI Life Insurance. Sumitomo Life as a long term strategic partner of BNI is part of company's strategy to make BNI Life as the leading insurance company in life insurance and bancassurance industries in indonesia. It can enhance operational capabilities and business capabilities of BNI Life to create business growth and sustainable profit growth.

"This strategic partnership is expected to accelerate process of organizational transformation that has been formed since September 2011," President Director of BNI, Gatot M Suwondo said on Monday.

BNI Life will focus on bancassurance network development. Company's annual premium equivalent growth is projected to grow by 50 percent this year. Beside bancassurance that has reached more than half of premium income, BNI Life still develop multi channel distribution strategy, namely agents, employee benefits and sharia insurance to expand market penetration in Indonesia.

This strategic partnership is also important to Sumitomo Life's international business strategy. Sumitomo Life has a track record to enhance performance of BNI Life in future. BNP Paribas, Bahana Securities, Danareksa and BNI Securities acted as financial advisors for this partnership. 

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