Unit-Linked Premiums Expected to Bounce Back Following Downturn

Premiums of unit-linked insurances remain a burdening factor on life insurance revenue throughout 2023, which declined by 7.1 percent from the previous year.

Rika Anggraeni

28 Feb 2024 - 16.23
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Unit-Linked Premiums Expected to Bounce Back Following Downturn

Illustration - Insurance industry

Bisnis, JAKARTA — Premiums of unit-linked insurances remain a burdening factor on life insurance revenue throughout 2023, which declined by 7.1 percent from the previous year.

The Indonesian Life Insurance Association (AAJI) reports  IDR177.66 trillion of revenue from life insurance throughout 2023. According to AAJI’s Board of Trustees Chairman Budi Tampubolon, the decline in revenue was attributed to unit-linked products, which plummeted by 22.6 percent year-on-year (YoY) from IDR110.23 trillion to IDR85.33 trillion in 2023.

“Although it declined compared to 2022, unit-linked life insurance products still show growth. By the end of 2023, premiums from unit-linked life insurance products reached IDR85.33 trillion,” Budi said in a press conference on Tuesday (2/27/2024).

Last year’s unit-linked premium decline was sharper than that in 2022, which only dipped by 13.3 percent YoY. Budi explained that in 2022, during the first three to four months, unit-linked products could still be sold before the Financial Services Authority (OJK) Circular Letter No. 5/SEOJK.05/2022 (SEOJK Paydi) was issued.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.