Tuesday, September 19, 2017

Indonesian life firms post huge premium growth

A report released by the Indonesia Life Insurance Association (AAJI) showed that life insurers in the country recorded a 25.5% increase in premium revenue in the first quarter of this year.

The report also revealed that premium revenue in the January-March period reached Rp43.17 trillion (US$3.2 billion).

New premium revenues jumped 35% to Rp25.79 trillion on the back of the growing number of agencies in the country.

AAJI chairman Hendrisman Rahim said the first quarter results are proof that the life insurance industry continues to grow in line with people’s trust.

The double-digit premium growth also leads to optimism about Indonesia’s life insurance industry going forward, he added.

The AAJI expects premium income to expand by at least 25% by year-end on the back of swelling unit-linked and traditional insurance products.

 

 

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