PT BNI Life Insurance (BNI Life), a red plate life insurance company, targets premium income of Rp6.4 trillion throughout 2024.
Acting CEO of BNI Life, Eben Eser Nainggolan, stated that the subsidiary of PT Bank Negara Indonesia (Persero) Tbk. (BBNI) aims for a 19% increase in premium income this year compared to last year's premium income.
"To achieve this year's target, we will boost premium income from bancassurance business lines with a focus on selling traditional products and regular premium products," said Eben to Bisnis, as quoted on Sunday (31/3/2024).
Looking at the performance in 2023, BNI Life's new business premium income reached Rp3.3 trillion, growing by 5.5% (year-on-year/yoy). Meanwhile, BNI Life's premium income based on ongoing business rose by 11.1% yoy to Rp2.1 trillion.
Overall, BNI Life recorded premium income of Rp5.4 trillion, a growth of 7.7% compared to the position in 2022.
Previously, the Indonesian Life Insurance Association (AAJI) revealed positive performance in the life insurance product sales of traditional life insurance.
Chairman of the AAJI Board of Trustees, Budi Tampubolon, stated that throughout 2023, AAJI recorded good growth in traditional insurance products. However, unit-linked life insurance products remained under pressure.
Data from the Indonesian Life Insurance Association (AAJI) shows a sharp decline in unit-linked premiums from Rp110.23 trillion in 2022 to Rp85.33 trillion in 2023. Unit-linked premiums only contributed 48% to the industry's premium income throughout last year.
Meanwhile, traditional premiums continued to grow and managed to surpass unit-linked performance in 2023. Traditional premiums grew by 14.1% yoy from Rp80.95 trillion to Rp92.33 trillion. Its premiums accounted for 52% of the industry's premium income.
Overall, AAJI recorded total premium income for the life insurance industry reaching Rp177.66 trillion last year, a 7.1% decrease yoy from the previous Rp191.18 trillion.
"Although it was recorded as a decrease compared to 2022, unit-linked life insurance products still show growth. Until the end of 2023, premiums from unit-linked life insurance products reached Rp85.33 trillion," said Budi some time ago.
