The life insurance industry in Indonesia has produced strong performance throughout 2016. The life insurance industry’s total revenues rose more than 50% as compared to the same period in 2015.
“Thus, it can be underlined that the national life insurance industry continues to grow and developed sustainably based on the increase of public awareness on the importance of life insurance,” said Hendrisman Rahim, Chairperson of the Indonesian Life Insurances Association (AAJI) in Jakarta on Thursday (2/16).
He said the life insurance industry’s total income for 2016 obtained satisfying growth of 57.4% to IDR208.92 trillion, as compared to the same period in 2015. Total premium revenues contributed 80% to the industry’s total revenues.
The growth of total new business premiums and advanced premiums caused premium revenues for 2016 to rise 29.8% to IDR167.04 trillion, as compared to IDR128.66 trillion in the same period in 2015.
Total premium revenues hike is supported by premium revenues growth from bancassurance, Agency distribution and alternate distribution - which increased 74.1%, 6.2% and 14.7% as well as contributing 43.3%, 38.9% and 17.7% to the life insurance industry’s total premium revenues.
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