JAKARTA - In the midst of the challenges of medical inflation and global economic conditions, PT Prudential Life Assurance (Prudential Indonesia) and PT Prudential Sharia Life Assurance (Prudential Syariah) announced the solid performance results throughout 2024. This solid performance was also supported by various initiatives that provide added value for Customers/participants, to reach a wider segment in Indonesia as well as encourage sustainable business growth.
Throughout 2024, Prudential Indonesia recorded a total premium income of IDR 20.8 trillion, an increase of 4.4 percent compared to the previous year, with total assets of IDR 57.6 trillion. The company recorded a comprehensive total revenue in 2024 of IDR 1.6 trillion.
The company also continues its commitment to protect and support customers with claim payments and benefits of IDR 18.2 trillion, an increase of 6.9 percent compared to the same period the previous year. The Company's health level is also maintained as reflected in the level of Solved Capital (RBC) of 417 percent, well above the provisions set by regulators. The RBC, which is above the regulator's provisions, shows the Company's ability to continuously protect Customers with claim payments and benefits in accordance with policy provisions.
President Director of Prudential Indonesia, Tony Benitez said he was grateful to be able to record solid performance in 2024, especially in the midst of industrial challenges due to medical inflation and uncertain global economic conditions. This can be achieved thanks to the support and trust of Customers, Business Partners Agency, regulators, partners, and all stakeholders.
"Entering Prudential's 30th year in Indonesia, this year we are optimistic to further encourage sustainable positive growth, as well as further intensively expand literacy and access to the protection of health, soul and finance to support Indonesia Gold 2045. We are doing this through various initiatives and financial and health solutions that provide added, accessible and affordable value, and centered on customer needs," he explained, Thursday, May 8.
Meanwhile, Prudential Syariah recorded a total gross contribution in 2024 of more than IDR 3.4 trillion, including the contribution of the Tabarru Fund of IDR 1.3 trillion. On the other hand, Prudential Syariah also recorded total assets of IDR 6.6 trillion. The company also recorded a net profit of IDR 264 billion.
As a trustworthy partner in helping to manage participant funds, Prudential Syariah has channeled claims and benefits of IDR 2.3 trillion, an increase of 6 percent compared to the same period the previous year. This is supported by the company's health level, one of which is reflected in the level of solvency (Risk Based Capital/RBC) Prudential Syariah of 2.092 percent for Company Funds and 245 percent for Tabarru Funds, well above Regulation provisions.
President Director of Prudential Syariah, Iskandar Ezzahuddin said, in the midst of various economic challenges throughout 2024, Prudential Syariah managed to maintain the performance of companies that grew positively and led the sharia life insurance industry in Indonesia.
"This positive performance is driven by the demand for sharia-based protection needs for both life and health insurance. We focus on the needs of participants, providing a wider range of access to Indonesian families and supported by a professional and reliable marketer. We thank the participants who have entrusted Prudential Sharia as partners to assist Indonesian families in achieving a more blessed life," said Iskandar.
2024 is a challenging year for the life insurance industry in Indonesia. Industry is still overshadowed by medical inflation which continues to increase every year, the penetration rate of insurance is still low, to volatile market conditions and an uncertain global economy.
In order to answer the challenges that exist, Prudential Indonesia with nearly 30 years of experience in Indonesia, as well as Prudential Sharia which has been established as a separate company from Prudential Indonesia for 3 years in Indonesia, is committed to continuing to listen to input from Customers/participants by always innovating to contribute more to Indonesia by reaching and protecting more segments of society through product innovation that is in accordance with current needs and the risk profile of prospective customers/participants in order to provide sustainable protection to the future.
In responding to the challenge of increasing medical costs, the two companies present PRUWell Medical & PRUWell Medical Syariah Health Insurance as well as additional Health Insurance for PRUWell Health & PRUWell Health Syariah which applies the concept of faidia' in the form of providing premium discount breaks to PRUWell Medical Health Insurance and insurance relief at Insurance for Additional Health of PRUWell Health up to 20% for the future coverage period, if customers maintain a healthy lifestyle and do not make claims during the observation period. Further information click on the following link to PRUWell Prudential Indonesia.
In addition to Health Insurance, Prudential Indonesia also presents PRUFature Life Insurance, namely a simple life insurance product in order to help those who do not have personal protection, to more easily understand the products and benefits offered to support increased insurance literacy and penetration.
While seeing the trend of increasing critical diseases and their high medical costs, Prudential Syariah presents a PRUCritical Trust, which provides comprehensive protection benefits for the risk of critical diseases, from the early stages to the final stages, or if there is a risk of death that provides compensation to beneficiaries.
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In order to further expand the inclusion of life insurance ownership, Prudential Indonesia launched a dwiguna product for customers from the bancassurance distribution channel, the PRUIncome Guard, which is here to increase financial inclusion through cooperation with Prudential partner banks, in order to encourage more and more Indonesians to be protected, especially for those who have never had insurance. Meanwhile, Prudential Syariah collaborates strategically with Bank Syariah Indonesia (BSI) as the largest Islamic bank in Indonesia, to expand the reach of its series of bancassurance products to more than 20 million BSI customers.
Furthermore, to assist customers in navigating economic volatility, Prudential Indonesia presents three new subdants, namely the PRULink Rupiah Balance Fund which is sold through the agency channel, as well as the PRULink Rupiah Balance Income Fund Plus, and the PRULink US Dollar Global Tech Equity Income Fund which is sold through the bancassurance channel, so that customers who have Insurance Products Related to Investment (PAYDI) can invest comfortably according to their risk profiles, especially for those who have an aggressive risk profile, as well as having life insurance protection for long-term financial protection.
In terms of agency channels, the two companies also continue to increase the capacity and professionalism of Business Partners Agency and Financial Service Consultants (Financial Service Consultant), as the frontline to educate about the importance of protection, so as to encourage penetration and insurance inclusion. In order to support the spirit of entrepreneurship or entrepreneurship, the two companies introduced a Prudential youth entrepreneurial community called GenPRU.
In this community, participants are prepared to become quality young entrepreneurs through various trainings for financial management, business, and international standard leadership. It is hoped that they can become Prudential Agency Business Partners who can help realize the dreams and improve the quality of life of the community financially.
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