JAKARTA - The Financial Services Authority (OJK) noted that the assets of the insurance industry in Indonesia reached IDR 1,128.86 trillion as of March 2024, an increase of 2.49 percent year on year (yoy) from the same position in the previous year, which was IDR 1,101.47 trillion.
Executive Chairperson of the Insurance Insurance and OJK Pension Fund Ogi Prastomiyono said, in terms of commercial insurance, total assets reached Rp909.04 trillion, an increase of 3.04 percent (yoy) compared to March 2023 which was only Rp882.25 trillion.
Meanwhile, commercial insurance performance in the form of premium income accumulation in March 2024 reached IDR 87.77 trillion, or an increase of 11.80 percent (yoy), consisting of life insurance premiums that grew by 2.09 percent (yoy) with a value of IDR 45.78 trillion, and general insurance premiums and reinsurance grew 24.75 percent (yoy) with a value of IDR 41.99 trillion.
"Permodalan di industri asuransi komersil tetap solid, dengan industri asuransi jiwa dan asuransi umum mencatatkan Risk Based Capital (RBC) yang di atas threshold masing-masing sebesar 448,76 persen dan 335,97 persen, jauh di atas threshold sebesar 120 persen," jelasnya dalam keterangannya, dikutip Kamis, 16 Mei.
Meanwhile, non-commercial insurance consisting of BPJS Kesehatan and BPJS Ketenagakerjaan assets as well as ASN, TNI, and POLRI insurance programs related to work accident insurance programs and death insurance, total assets were recorded at IDR 219.82 trillion or grew 0.27 percent (yoy).
On the part of the pension fund industry, total pension fund assets as of March 2024 grew by 10.51 percent (yoy) with a value of Rp1,436.58 trillion, an increase from the position in March 2023 of Rp1,299.96 trillion.
Meanwhile, voluntary pension funds, total assets recorded growth of 6.84 percent (yoy) with a value of Rp374.02 trillion.
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For the mandatory pension program, which consists of old-age insurance programs and BPJS Ketenagakerjaan pension guarantees, as well as old-age savings programs and accumulated pension contributions, ASN, TNI, and POLRI, total assets reached Rp1,062.56 trillion or grew by 11.86 percent (yoy).
Meanwhile, there is a guarantee company, the asset value grew 12.74 percent (yoy) with a value of IDR 47.37 trillion in March 2024, compared to the asset position in March 2023 of IDR 42.02 trillion.
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