Allianz Utama Targets Premiums To Grow Two Digits This Year

President Director of Allianz Utama Indonesia Sunadi. (Photo: Doc. Antara)

JAKARTA - PT Asuransi Allianz Utama Indonesia (Allianz Utama) targets premium income to grow in double digits or above 10 percent in 2024 compared to the previous year.

"So our growth (target in 2024) is around 10 percent and above, double digits. About 10-15 percent," said President Director of Allianz Utama Indonesia Sunadi, quoted from Antara, Thursday, March 14.

According to company records, Allianz Utama Indonesia posted a premium gross revenue (GWP) of IDR 727.9 billion in the fourth quarter of 2023 (unaudited). This figure is an increase when compared to GWP 2022 which reached IDR 665.30 billion.

The highest GWP contribution is still supported by the liability insurance line with a portion of 33 percent. Then followed by property insurance lines of 31 percent, travel insurance of 13 percent, and vehicle insurance of 10 percent.

Indonesia's profit before the Allianz Utama tax in the fourth quarter of 2023 was recorded at IDR 19.7 billion. The gross claim to be IDR 171.01 billion in 2023 or down from the previous IDR 234.15 billion in 2022. Meanwhile, the capital adequacy ratio (RBC) was recorded at 482 percent in December 2023.

Sunadi said the premium income growth target in 2024 set by the company was in line with the market. Allianz Utama Indonesia is also reviewing the focus of the segment that will be targeted this year.

Recently, added Sunadi, the company has presented the latest product, Transportation Allowance, which is part of personal insecurity insurance. This product will be introduced by Allianz Utama Indonesia in l 2024.

"Last month we introduced a new product called transport allowance, that's for if a car enters the workshop, there is discomfort. So we take on products like that this year," said Sunadi.