OJK: Insurance Presmi Revenue Reaches IDR 165.18 Trillion

Illustration. (Photo: Unsplash)

JAKARTA - The Financial Services Authority (OJK) said, for commercial insurance performance, the accumulated premium income reached IDR 165.18 trillion, or an increase of 8.46 percent on an annual basis or year on year (yoy) in June 2024.

"Consisting of the premium life insurance which grew by 2.29 percent yoy with a value of Rp. 87.99 trillion, and the premium for general insurance and reinsurance grew 16.46 percent yoy with a value of Rp. 77.20 trillion," said the Chief Executive of the Insurance Supervisory, Guarantee, and OJK Pension Fund Ogi Prastomiyono in Jakarta, quoted from Antara, Monday, August 5.

In the press conference on the results of the OJK Board of Commissioners (RDK) Meeting in July 2024, he said that in the insurance, guarantee, and pension funds (PPDP) sector, insurance industry assets in June 2024 reached IDR 1,126.26 trillion, an increase of 1.14 percent yoy from the same position the previous year of IDR 1,113.58 trillion.

"In terms of commercial insurance, total assets reached Rp907.39 trillion, an increase of 2.38 percent yoy," said Ogi.

In general, capital in the commercial insurance industry remains solid, with the life insurance and general insurance industry recording Risk Based Capital (RBC) of 431.43 percent and 320.70 percent, respectively, well above the threshold of 120 percent.

For non-commercial insurance consisting of BPJS Kesehatan assets (body and national health insurance programs) and BPJS Ketenagakerjaan (body, work accident guarantees, death guarantees, or job loss guarantees) as well as state civil service insurance programs (ASN), TNI, and Polri related to work accident guarantees and death insurance programs, total assets were recorded at IDR 218.87 trillion or contracted by 3.69 percent yoy.

On the part of the pension fund industry, total pension fund assets as of June 2024 grew by 7.58 percent yoy with a value of Rp1,448.28 trillion, an increase from the position in June 2023 of Rp1,346.21 trillion.

For the voluntary retirement program, total assets recorded growth of 3.91 percent yoy with a value of Rp372.70 trillion.

As 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 IDR 1,075.58 trillion or grew by 8.91 percent yoy.

In the guarantee company, the asset value grew 8.01 percent yoy with a value of IDR 47.29 trillion in June 2024, with an asset position in June 2023 of IDR 43.78 trillion.