PT BNI Life Insurance, or BNI Life, is optimistic about the prospects of sharia life insurance, despite the national industry recording operational losses.

According to data from the Financial Services Authority (OJK), the sharia life insurance business recorded losses of IDR 99.25 billion in April and IDR 85.01 billion in May 2024. This was in contrast to the period from January to March, when profits were consistently recorded, although the trend was declining. The profits were IDR 141.70 billion, IDR 121.51 billion, and IDR 93.33 billion, respectively.

GM of Corporate Secretary, Legal & Corporate Communication at BNI Life, Arry Herwindo Wildan, stated that despite this trend, BNI Life's Sharia Unit is still recording profits.

"For now, BNI Life's Sharia Unit is still recording profits, both in terms of company funds and tabarru funds. The prospects for the sharia life insurance industry are still very promising," Arry told Bisnis on Tuesday, July 23, 2024.

In the first semester of 2024, BNI Life Insurance's Sharia Unit recorded an insurance operating profit of IDR 24.78 billion. Meanwhile, the combined underwriting income from company funds, tabarru funds, and participants' investment funds amounted to IDR 316.18 billion. The company funds and tabarru funds were IDR 56.32 billion and IDR 183.71 billion, respectively.

Arry mentioned that they have prepared strategies for the second half of 2024. "The strategy to achieve this year's target is to optimize bancassurance cooperation with partners and continuously improve operations to remain competitive," he said.