Life Insurance Revenue Reaches Rp 171.4 Trillion by September 2021

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Vika Azkiya Dihni 24/02/2022 13:40 WIB

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The Indonesian Life Insurance Association (AAJI) recorded total domestic life insurance industry revenue of Rp171.36 trillion in Q3 2021. This figure represents a 38.7% year-on-year (yoy) increase.

Total Life Insurance Industry Revenue per Quarter III (2017-2021)

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Life Insurance Revenue Reaches Rp 171.4 Trillion by September 2021

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Total Life Insurance Industry Revenue per Quarter III (2017-2021)

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The Indonesian life insurance industry's financial performance showed positive growth in 2021. By the third quarter, the total industry revenue reached Rp 171.36 trillion.

The Indonesian Life Insurance Association (AAJI) recorded a 38.7% increase compared to the same period last year, which was Rp 123.56 trillion.

Total life insurance revenue up to Q3 2021 also surpassed pre-Covid-19 levels. In Q3 2019, total revenue was recorded at Rp 165.08 trillion.

Total premium revenue grew by 11.5% year-on-year to Rp 149.36 trillion by the end of September 2021. In Q3 2020, total premium revenue was Rp 133.99 trillion.

The growth in premium revenue up to Q3 2021 was largely driven by a 17.6% increase in new business premiums, totaling Rp 94.2 trillion. Meanwhile, renewal premiums grew by 2.4%, totaling Rp 55.15 trillion.

On the revenue side, AAJI also noted positive achievements from its industry's investments. During Q3 2021, its member companies managed a total investment fund of Rp 477.84 trillion, a 6.4% year-on-year increase.

Specifically, the life insurance industry invested a total of Rp 285.57 trillion in stocks and mutual funds, a 9.9% increase. Furthermore, 30.5% of the managed investment funds were placed in SBN (State Bonds), which increased by 17.3% to a total of Rp 98.02 trillion.

Editor : Aria W. Yudhistira

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."