CIMB Bhd : Group establishes a regional non-life bancassurance partnership with Sompo

CIMB Group Holdings Berhad ('CIMB Group' or 'the Group') and Sompo Japan Nipponkoa Holdings, Inc. ('Sompo') today entered into a strategic non-life bancassurance partnership for Southeast Asia. Subject to the execution of in-country agreements, CIMB Group will distribute Sompo's non-life insurance products through its extensive distribution network consisting of the Group's branches, call centres and online channels in selected countries within the region.

The selection of Sompo as a partner was the culmination of an extensive regional selection process where CIMB Group engaged with various potential partners 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.

Tengku Dato' Sri Zafrul Aziz, Group Chief Executive, CIMB Group, said, '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. CIMB Group is pleased to have entered into this partnership with Sompo, who is the largest bancassurance insurer in Japan with total assets of USD89.7 billion and net written premiums of USD22.5 billion.'

'This partnership will reap benefits not only from CIMB Group's core strength in distribution of bancassurance products, but also from Sompo's capabilities in digital technology to drive growth in our bancassurance segment. Having a strong regional partner also facilitates synergies and operational efficiencies, enabling CIMB Group to deliver better value to our customers across ASEAN,' added Tengku Zafrul.

Kengo Sakurada, Group Chief Executive Officer, Sompo, said, 'This partnership with CIMB Group, being the fifth largest ASEAN bank with presence across key markets of Southeast Asia with approximately 1,000 branches, will further enhance Sompo's distribution network and broaden its customer base. CIMB Group is a dynamic and growing bank in ASEAN and this resonates well with our ambitions in the region.'

The partnership underscores both parties' common commitment to Southeast Asia, providing a solid platform for both CIMB Group and Sompo to deliver better value to their existing and potential customers by continuously innovating and providing cost-efficient non-life insurance products and services.

1 T18 is CIMB Group's mid-term strategy to recalibrate and strengthen its core businesses, with the aim of improving the Group's position as the region's leading ASEAN universal bank

About Sompo Japan Nipponkoa Holdings Inc.

Sompo Japan Nipponkoa Holdings Inc. is Japan's third-largest general insurer and is also the leading P&C insurance company in Japan. Its main business activities and product offerings are P&C Insurance, life insurance and other businesses which include asset management, risk consulting, nursing care and healthcare.

Sompo was established on the 1st of April 2010 when Sompo Japan Insurance Inc. and Nipponkoa Insurance Co., Ltd created a joint holding company to integrate the two businesses and is listed on the Tokyo Stock Exchange. It now has a market capitalization of USD 11.4 billion serving over 20 million customers in Japan. The group has over 76,000 employees and is present in 32 countries and 210 cities internationally.

If you have further queries or require more information, please contact: Josandi Thor

Senior Managing Director

CIMB Group Marketing, Brand & Sponsorship Management Tel: +603 - 2261 0628 / +65 - 6302 3885

Fax: +603 - 2261 0601 / +65 - 6506 1222

Email: josandi.thor@cimb.com