Shinhan Bank joining hands with Tugu Insurance in Indonesia

South Korea’s Shinhan Bank has entered into a strategic partnership with Tugu Insurance in Indonesia to collaborate in the expansion of bancassurance business in the Southeast Asian country.

According to recent news reports in Jakarta, Bank Shinhan Indonesia signed a Cooperation Agreement with the Indonesian insurer.

The partnership begins with the joint marketing of “T-Drive,” a four-wheeled vehicle insurance product, distributed through Bank Shinhan Indonesia’s bancassurance channels.

Through this cooperation, both companies aim to expand access to comprehensive and accessible automotive insurance products that meet the needs of Indonesian consumers.

“This partnership with Bank Shinhan Indonesia supports Tugu Insurance’s business strategy and is expected to create added value for both parties,” Tugu Insurance Director Ery Widiyatmoko said.

“We are optimistic that this collaboration will serve as a positive opportunity to drive the company’s long-term strategic performance.”

Echoing that sentiment, Bank Shinhan Indonesia Director Leonard Auly emphasized that the agreement represents more than just a formality.

“Bank Shinhan believes that this collaboration will bring positive outcomes for both parties,” he said.

“Going forward, we expect the partnership to expand into various lines of business and create innovative, adaptive services in response to changing customer needs.”

As of May 2025, Tugu Insurance reported robust business performance, with gross written premiums rising 17% year-on-year, driven mainly by its fire & property, marine, and engineering insurance segments.

As a representative affiliate of Shinihan Financial Group, Shinhan Bank is a top-tier lender in South Korea.

Source: Korea News Plus