Life insurance company PT BNI Life Insurance (BNI Life) recorded growth in premiums for investment-linked insurance products (PAYDI) or unit link in the first half of 2024. The company's unit link insurance premiums increased by 7.8% year-on-year (yoy), reaching IDR 604.5 billion.

"The growth of unit link premiums in the first half of 2024 was IDR 604.5 billion, experiencing a growth of 7.8% from the same period in the previous year," said Arry Herwindo W, GM of Corporate Secretary, Legal, and Corporate Communications at BNI Life, to Bisnis on Sunday (7/7/2024).

BNI Life's unit link premiums saw a leap after previously experiencing a decline in the first quarter of 2024. In that period, unit link premiums reached IDR 249 billion, contributing 19% of the gross written premium (GWP).

In the first quarter of 2024, BNI Life's unit link premiums fell by around 21% yoy compared to the previous year. This decline was in line with the industry's trend during that period.

According to data from the Indonesian Life Insurance Association (AAJI), unit link premiums in the first quarter of 2024 fell by 16.4% yoy to IDR 19.22 trillion from IDR 22.98 trillion in the first quarter of 2023. Meanwhile, traditional premiums increased by 18.4% yoy to IDR 26.77 trillion in the first quarter of 2024 from IDR 22.62 trillion in the first quarter of 2023.

Arry expressed optimism that unit link premiums will continue to increase in the second half of this year. He added that the company has strategies to enhance investment-linked insurance products.

Some approaches include holding seminars, webinars, and workshops to increase public understanding of the benefits of unit link products. Additionally, offering more flexible unit link products that can be tailored to individual needs and customer risk profiles. BNI Life also launched products with additional features such as health protection or attractive investments.

"By implementing these strategies, BNI Life can enhance the appeal of unit link products and drive premium growth," he said.