The Company has operated since April 14, 1985 by the name of PT. Purnamala Internasional Indonesia (PII). In 1989, the Company changed it’s name into PT. Asuransi Jiwa Eka Life, which then in 2007 changed again into PT. Asuransi Jiwa Sinarmas (Sinarmas Life Insurance). In 2011, PT. Asuransi Jiwa Sinarmas became a joint venture life insurance Company, thus the name changed into PT. Asuransi Jiwa Sinarmas MSIG (also called Sinarmas MSIG Life – SMiLe), whose shares owned by PT. Sinar Mas Multiartha, Tbk and Mitsui Sumitomo Insurance Company Limited – Japan, 50% respectively.
As a joint venture life insurance Company, Sinarmas MSIG Life has obtained permits from the concerned institutions. The Ministry of Legal and Human Rights Affairs of the Republic of Indonesia has issued their endorsement through Decree Number AHU- 32784.AH.01.02 of 2011, dated July 01, 2011. Likewise, the Ministry of Finance of the Republic of Indonesia has issued a business permit through Decree Number Kep-649/KM.10/2011 dated August 3, 2011.
In its further growth, Sinarmas MSIG Life (SMiLe) has shown a significant development that can be seen from the continued increasing of premium income from year to year. Until the end of 2012, the Company recorded a total asset of Rp. 24.3 trillion and a total premium of Rp. 10.7 trillion. With accurate and prudent performance, the realization of leverage ratio by the end of 2012 using Risk Based Capital (RBC) was 546.86%.
The development of Sinarmas MSIG Life (SMiLe) is supported by an excellent financial coordination, product innovation, customer service, and the ownership of a wide business network, which is actualized in the presence of 87 marketing offices and 23,945 marketing officers dispersed all over Indonesia. Sinarmas MSIG Life (SMiLe) is ready to provide the excellent service for you and your Company financial needs.