Insurance Companies Shift to Unit-Linked Products

Despite insurance companies relying on unit-linked products, traditional insurance still dominates life insurance premium revenue due to the OJK circular on Paydi that came into effect in early 2022.

Rika Anggraeni

7 Feb 2024 - 20.06
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Insurance Companies Shift to Unit-Linked Products

Illustration - Insurance

Bisnis, JAKARTA — Several life insurance companies this year still consider investment-linked insurance products (Paydi) as the backbone of premium income amid the industry's ongoing adaptation to unfinished regulations.

For instance, PT MSIG Life Insurance Indonesia Tbk. (formerly known as Sinarmas MSIG Life) has set the premium share of unit-linked insurance at 35 percent in 2024, compared to traditional products reaching 65 percent. While this is an increase from the 25 percent share of unit-linked last year, traditional products remain the main focus.

MSIG Life's CEO and President Director, Wianto Chen, said the increase in the share of unit-linked this year will be supported by new products launched early in the year, following the provisions of the Financial Services Authority (OJK) Circular Letter (SE OJK) No. 5/2022 concerning Paydi.

“The company will continue to focus on selling unit-linked products to investment-savvy customers and priority customers,” said Wianto on Tuesday (2/6/2024).

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