MSIG Life Raup Revenue Of New Premium Rp1.3 Trillion In 2023

Rupiah (Photo: Antara)

JAKARTA - PT MSIG Life Insurance Indonesia Tbk (MSIG Life) noted that the company's annual premium equivalent (APE) income growth in 2023 reached 15 percent year-on-year (yoy) or IDR 1.303 trillion.

"Our year-old state-of-the-art business premium (APE) revenue reached IDR 1.30 trillion, growing 15 percent yoy and surpassing industrial growth," said MSIG Life CEO & President Director Wianto Chen quoting Antara.

He stated that the company also recorded a renewal premium growth of 17.6 percent yoy and a regular premium of more than 50 percent yoy.

Meanwhile, the value of profit after tax is IDR 126 billion, although there is an increase in health claim payments.

This, he continued, was supported by the profitability of new businesses (NBV), which increased by an average of 39 percent over the past three years.

"The company's financial condition is also very healthy, as reflected in Risk Based Capital of 2011.5 percent, far above the regulator's minimum provision of 120 percent," said Wianto.

Regarding the company's performance in the first quarter of 2024, he said that APE agency, NBV, and in force value (IFV) grew by 34 percent, 25 percent, and 7 percent, respectively.

He said that these various achievements were due to the implementation of the company's business strategy which focused on accelerating business growth, optimizing operations, and strengthening governance to improve the company's performance and produce long-term value.

"The company's transformation went according to plan and put MSIG Life in a stronger position to grow sustainably," said Wianto.

Regarding the acceleration of the company's business growth, MSIG Life Director Herman Sulistyo said that the performance of the agency channel is getting stronger and is one of the main pillars of the company's business.

Through this channel, he stated that his party is committed to increasing insurance inclusion and literacy in Indonesia as well as expanding the reach and strengthening the company's retail network.

"The company's income from agency channels in 2023 grew 110 percent yoy, placing this canal the backbone of the company's business along with the bancassurance channel," he added.