Up 45.3 Percent, Sompo Insurance Earns IDR 150.9 Billion Net Profit In 2024

JAKARTA - PT Sompo Insurance Indonesia recorded a net profit of 2024 growing 45.3 percent year on year (yoy) to Rp150.9 billion.

As of December 2024, Sompo Insurance recorded a total combined revenue (conventional and sharia) of IDR 3.2 trillion, growing 7.6 percent yoy compared to the same period in 2023.

"This achievement is supported by the implementation of the right strategy, through innovative solutions and strengthening cooperation with partners," said Sompo Insurance Indonesia President Director Eric Nemitz in a statement in Jakarta, Saturday.

Throughout 2024, property insurance, vehicle insurance and health insurance will be the three business lines that make the biggest contribution to the achievement of company premium income, all of which contribute IDR 2.4 trillion or around 82 percent of the company's total premium.

"We always show our commitment to meeting the needs of customers and diverse business partners, through various general insurance products, such as property insurance, vehicles, travel, transportation, and domestic and international health solutions," said Eric.

Sompo Insurance maintains the company's healthy performance, where as of the end of December 2024, the risk based capital (RBC) was recorded at 242 percent, far above the threshold set by the regulator, which was 120 percent. Meanwhile, the company's investment adequacy ratio was recorded at 168 percent.

From the sharia business line, Sompo Insurance recorded a surplus of tabarru funds of IDR 60.1 billion, growing 32.1 percent yoy compared to the same period last year. Meanwhile, RBC was recorded at the level of 679 percent, far above regulatory provisions.

Referring to the Financial Services Authority (OJK) regulation which requires insurance companies to spin off their Sharia Business Units (UUS) no later than December 2026.

In November 2024, Sompo Insurance has broadcast the announcement of a plan to separate Islamic work units.