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Life insurance industry posts 12% sales growth in 2021 – Economy

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Vincent Fabian Thomas (The Jakarta Post)

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Jakarta ●
Wednesday, March 9, 2022

Indonesia’s life insurance industry saw its revenue grow by 11.9 percent annually in 2021 as the country’s economy recovered, despite the challenges of a second COVID-19 wave.

The Indonesian Life Insurance Association (AAJI) said on Wednesday that revenue reached Rp 241.17 trillion (US$16.85 billion) last year, exceeding even the pre-pandemic level of Rp 235.73 trillion in 2019. Premium revenue – the biggest contributor to overall revenue – grew by 8.2 percent annually to Rp 202.93 trillion, also exceeding the 2019 figure.

“Because 2021 was good, the industry will be more aggressive in 2022,” AAJI chairman Budi Tampubolon told reporters during an online press conference on Wednesday.

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