CIMB inks bancassurance partnership with Japan's Sompo

It will distribute non-life insurance products in SE Asia.

Malaysia's CIMB Group has entered a non-life bancassurance partnership with Sompo Japan Nipponkoa Holdings. Under the deal, the Malaysian lender will distribute Sompo’s non-life insurance products through its distribution network in selected countries within the region.

Sompo  is the largest bancassurance insurer in Japan with total assets of USD89.7 billion and net written premiums of USD22.5 billion.

"Bancassurance is one of the key components of CIMB Group’s consumer and commercial propositions. 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," said Tengku Dato’ Sri Zafrul Aziz, Group Chief Executive, CIMB Group