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INSURANCE - JAKARTA. PT MSIG Life Insurance Indonesia Tbk (LIFE), also known as MSIG Life, reported a 29% year-to-date (YtD) increase in premium income in the first quarter of 2024.
Lukman Auliadi, Head of Customer and Marketing at MSIG Life, stated that the company's revenue in the first quarter of 2024 reached IDR 792 billion (consolidated figure) on a YtD basis, marking a 29% growth compared to the same period last year.
"The proportion of traditional premium income at MSIG Life is almost balanced with PAYDI premium income," Lukman told Kontan.co.id on Tuesday (April 30).
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Several factors contributed to this revenue growth. Externally, it was supported by a continuously growing economy, reflected by a GDP above 5% in 2023 and a per capita income growing at an average rate of 4% (2019-2023).
Additionally, the demographic bonus and the increasing public awareness of the importance of insurance coverage also played a role. Internally, the comprehensive product mix and strong distribution mix of MSIG Life were key drivers.
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For the record, MSIG Life also noted that equity unit-linked products yielded the highest average returns among other types, as of March 2024. Excellink Equity Bakti Peduli recorded the highest performance with an average return of 5.55% year-to-date (YTD).
