AXA Mandiri Insurance Business Generated IDR 1 Trillion Profits During The Pandemic Period

AXA Mandiri illustration. (Photo: By courtesy)

JAKARTA - PT AXA Mandiri Financial Services (AXA Mandiri) posted positive performance throughout the 2020 period with a record net profit of more than IDR 1 trillion.

This incision was supported by premium income which reached IDR 11 trillion, or an increase of 18 percent compared to the 2019 period.

It was stated that premium income was the main contributor or 91 percent of the company's total revenue which totaled IDR 12 trillion.

Then, AXA Mandiri claimed that the company's financial condition was maintained, which was reflected in the Solvency Ratio or Risk-Based Capital (RBC), which reached 536 percent. This figure is far above the minimum limit set by the Financial Services Authority (OJK), which is 120 percent.

AXA Mandiri President Director Handojo G. Kusuma said the company could still show outstanding performance even though it was faced with challenging situations during the pandemic.

"The pandemic has taught us to be mentally resilient and adaptive in responding to changes that occur", he said in a statement as quoted on Sunday, April 18.

Handojo added, the current dynamic situation has made AXA Mandiri see an opportunity to bring added value to our customers through protection and benefits

"This is what can provide peace of mind in this uncertain time", he said.

For information, AXA Mandiri has paid claims and benefits worth IDR 4.8 trillion throughout 2020. This step was revealed by the company to ease financial burdens and help customers achieve their financial goals.

Furthermore, the company that is affiliated with Bank Mandiri recorded growth in assets of 15 percent to IDR 37.6 trillion in 2020 compared to the 2019 period which amounted to IDR 32.75 trillion. AXA Mandiri's total equity was recorded to have grown 3 percent to IDR 2.99 trillion.

It was also stated that AXA Mandiri has paid claims and benefits worth IDR 4.8 trillion throughout 2020. This financial services company is also an entity that provides protection to 35.000 health workers with a benefit value of up to IDR 1 trillion.

"As a subsidiary of Bank Mandiri and a globally reputable insurance company AXA, we are committed to providing the best service to customers by strictly implementing Good Corporate Governance practices in all aspects of business management. This starts from the product marketing process, managing customer funds, to paying claims to customers", Handojo concluded.