Including Fintech, Non Bank Financial Industry Performance As Of November 2022 Is Still In Good Condition

OJK. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) recorded the accumulated performance of the non-bank financial industry (IKNB) in 2022. In this period, the premium income of the insurance sector during the period January to November 2022 reached IDR 280.24 trillion.

That number grew by 0.44 percent compared to the same period in the previous year.

OJK IKNB Supervisory Chief Executive Ogi Prastomiyono detailed, the accumulation of general insurance premiums that grew by 14.06 percent yoy during the same period, to Rp106.91 trillion as of November 2022.

"However, the accumulation of life insurance premiums fell 6.45 percent yoy compared to the previous period, with a value of Rp173.33 trillion as of November 2022," said Ogi at a press conference on the results of the OJK Board of Commissioners' Meeting (RDK) which was held virtually, Monday 2 January.

Industri asuransi jiwa dan asuransi umum mencatat risk based capital (RBC) masing-masing sebesar 479,88 persen dan 324,34 persen.

"Although the RBC is in a declining trend and the RBC of several insurance companies is closely monitored, the insurance industry's RBC aggregate is still above the threshold of 120 percent," Ogi added.

From the multi-inance sector, OJK noted that outstanding financing receivables grew 12.96 percent yoy in November 2022 to IDR 409.5 trillion, supported by working capital and investment financing, which grew 32.8 percent yoy and 23.1 percent yoy, respectively.

Meanwhile, the risk profile of finance companies is still maintained with the non-performing financing (NPF) ratio recorded a decrease to 2.48 percent.

"In this period, the gearing ratio of finance companies was recorded at 2.01 times or far below the maximum limit of 10 times," concluded Ogi.

For the pension fund sector, continued Ogi, it was recorded that assets grew by 5.06 percent yoy, with an asset value of IDR 341.87 trillion.

Meanwhile, peer to peer (P2P) lending fintech performance in November 2022 still recorded growth with outstanding financing growing by 72.7 percent yoy, and an increase of IDR 960 billion compared to position as of October 2022 to IDR 50.3 trillion.

"Meanwhile, the aggregated credit risk rate decreased to 2.83 percent," added Ogi.

However, he continued, the OJK observed the trend of increasing credit risk and decreasing performance in several fintech P2P lending.