Life Insurance Industry Asset Value Reaches IDR 620.47 Trillion In The First Quarter Of 2024, Grows 1.5 Percent

Million Dollar Round Table (MDRT) Indonesia Country Chair 2023-2024 Anwar Aonillah. (Photo: Aris Nurjani/VOI)

JAKARTA The Life Insurance Industry continues to show positive production performance.

Assets of life insurance companies until the end of March 2024 were recorded at IDR 620.47 trillion or grew 1.5 percent (yoy).

Meanwhile, the premium for life insurance grew by 0.9 percent year on year (yoy) to IDR 46 trillion.

Million Dollar Round Table (MDRT) Indonesia Country Chair 2023-2024, Anwar Aonillah said, this shows that the life insurance industry still has enormous potential in Indonesia amid the current global challenges.

Anwar said that the positive record of the life insurance industry at the beginning of the year is good capital for this industry to continue to grow throughout 2024.

This is of course in line with the purpose of the life insurance industry to provide financial protection to Indonesian families in the future.

"Of course, this achievement will further strengthen the life insurance industry as one of the pillars of the national economy in realizing a prosperous Indonesian society," press conference for the Million Dollar Round Table (MDRT) Day Indonesia 2024, Monday, June 10.

Anwar said that the development of the life insurance industry is aimed at realizing a strong, inclusive, efficient and contributive insurance industry for national economic growth and improving people's welfare.

According to Anwar, MDRT Indonesia, as an insurance financial advisory association, considers the challenge a great potential that can be used to encourage life insurance growth.

These insurance companies can focus on increasing education, exploring potential and expanding more widely.

Anwar explained that MDRT is a forum for insurance professionals from around the world to produce superior life insurance agents.

MDRT Day is an annual agenda that is held for agents to continue to grow together as MDRT. "MDRT Day Indonesia 2024 provides space for inspiration, motivation and knowledge for participants to challenge themselves, encourage professionalism through increased competence and capacity to become reliable financial advisors," he explained.

Anwar conveyed that the unlimited Goals Unlimited Gains theme is part of his party's mission to provide life insurance solutions that not only protect, but also empower agents to dream of achieving their life goals without limits.

MDRT membership is recognized internationally as a high quality standard in the world of life insurance services and financial services.

Currently, MDRT 2024 membership in Indonesia based on data on June 5, 2024 has reached 2.563 with the number of members in the first year of 2024 reaching 878 and this figure will continue to increase in line with the growth of the life insurance industry in Indonesia.

Executive Director of Indonesian Life Insurance (AAJI), Togar Pasaribu said, the MDRT Day Indonesia 2024 event is an important momentum for insurance professionals to gain inspiration and new knowledge.

By presenting experienced speakers from within and outside the country,

"We hope that participants can take advantage of this opportunity to develop themselves and improve professionalism to be able to achieve greater goals in their careers," he said.

Togar said that insurance agents are the spearhead of companies that affect the performance and financial protection of the community.

It is important to increase the number and competence of agents in order to realize sustainable insurance growth and improve people's welfare.

"Insurance agents are a profession that can be a career choice for the community. Joining in the life insurance business provides an opportunity for the community to gain moral experience in helping people's financial planning and also various benefits including obtaining additional income," said Togar.

Togar said life insurance agents play an important role in providing financial services needed by the community, while building a stable and promising career in this growing industry.