OJK: Total Insurance Industry Assets In May 2024 Achieved IDR 1,120.57 Trillion

Chief Executive of Insurance Supervisory, Guarantee, and Retirement Fund of Financial Services Authority (OJK) Ogi Prastomiyono. (Photo: Doc. Antara)

JAKARTA - Chief Executive of Insurance, Guarantee and Retirement Supervision of the Financial Services Authority (OJK) Ogi Prastomiyono said that the total assets of the insurance industry in May 2024 reached IDR 1,120.57 trillion, an increase of 1.30 percent year-on-year (yoy) from the same position in the previous year.

If detailed, the total commercial insurance assets reached IDR 900.99 trillion, an increase of 2.10 percent yoy. Commercial insurance performance in the form of premium income accumulation rose 8.59 percent yoy, consisting of life insurance premiums that grew 2.23 percent and premium general insurance and reinsurance grew 16.94 percent yoy.

"This performance is supported by solid capital where the life insurance and general insurance industry recorded risk based capital (RBC) of 441.93 percent and 326.66 percent, respectively, far above the threshold of 120 percent," said Ogi at a press conference on the results of the monthly RDK in June 2024, Jakarta, quoted from Antara, Monday, July 8.

On the other hand, non-commercial insurance consisting of BPJS Kesehatan assets (body and national health insurance program) and BPJS Ketenagakerjaan (body, work accident guarantee, death guarantee, or job loss guarantee) as well as ASN, TNI, and POLRI insurance programs related to work accident insurance and death insurance programs, total assets recorded at IDR 219.58 trillion or contracted 1.86 percent yoy.

On the pension fund industry side, total pension fund assets as of May 2024 grew by 8.36 percent yoy with a value of Rp1,439.71 trillion, an increase from the position in May 2023 of Rp1,328.67 trillion. For the voluntary pension program, total assets recorded growth of 4.90 percent yoy with a value of Rp372.52 trillion.

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 Rp1,067.19 trillion or grew by 9.62 percent yoy.

Then in the guarantee company, the asset value grew 8.95 percent yoy with a value of IDR 47.07 trillion in May 2024, with an asset position in May 2023 of IDR 43.20 trillion.