This is Astra Insurance's Business Growth Strategy ahead of its 7th Decade

JAKARTA - PT Asuransi Astra Buana (Asuransi Astra) will celebrate its 70th anniversary on September 12, 2026, amid the sluggish growth of the motor vehicle industry which is one of the company's insurance business cores.

President Director of Astra Insurance Maximiliaan Agatisianus said that over the past seven decades, the company has gone through various business phases and cycles, starting from focusing only on motor vehicle insurance, Garda Oto to diversifying into other products.

In the growth phase, said Maximiliaan, Astra Insurance managed to become the market leader in motor vehicle insurance at the time. Then, the company ventured into the expansion phase.

"In the journey through these cycles, of course, we do not just stand still, so that it remains relevant until this age of seven decades," said Maximiliaan in the Astra Insurance 2026 Media Conference in Jakarta, Wednesday, June 3.

Maximiliaan added that the company added insurance products to diversify its business, namely commercial insurance, which currently contributes the largest revenue, covering the asset and property industry, heavy equipment to logistics.

Then, the company also added a line of business for health insurance products. According to him, this was done so that the company remained relevant to trends and community needs.

"We see that in order to remain relevant in business, we must answer the needs of the challenges in the industry, so that over time our portfolio grows. So, we always diversify," he said.

The reason is, if the company only survives in the automotive sector as its core business, Maximiliaan believes, Astra Insurance will not grow, especially in the midst of industry contraction over the past three years.

"The motorcycle vehicle industry has been under pressure for the past three years, of course, motorcycle vehicle insurance must also be affected. Last year, for the first time, motorcycle vehicle insurance experienced contraction, so it experienced a decline," he said.

In addition to diversification strategies, Maximiliaan also mentioned the development and regeneration of human resources as one of the important factors that make the company able to survive until now.

"One of the keys is how Asuransi Astra regenerates people and especially not just a matter of business needs, but also the quality of its professions," he said.

Furthermore, he said, currently the portion of the motor vehicle insurance product portfolio to the company's revenue is 35 percent, while commercial insurance products reach 40-42 percent.

Then, health insurance contributes around 20-22 percent. According to Maximiliaan, the company is still focusing on internal business development, so there are no plans for mergers or acquisitions of other companies.

"We are opening up expansion in the context of our business growth and also relevant over time through diversification. But if you ask about acquisitions, until now we are still focusing on organic growth, especially from the automotive, commercial and health insurance segments," he added.