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INSURANCE - JAKARTA. PT Prudential Life Assurance (Prudential Indonesia) reported a marginal growth in premium income throughout 2023.
In this regard, Prudential Indonesia recorded a premium income of IDR 19.36 trillion in 2023, an increase of 0.40% compared to the same period last year, which was IDR 19.28 trillion.
Meanwhile, the comprehensive profit fell by 13.12% to IDR 1.98 trillion in the fiscal year 2023 compared to the same period in the previous year, which was IDR 2.28 trillion.
The total assets of Prudential Indonesia were recorded at IDR 60.22 trillion in 2023, a decrease of 1.80% compared to the total assets of the previous year, which were IDR 61.32 trillion.
Meanwhile, the total investment reached IDR 55.93 trillion in 2023, a decrease of 3% annually compared to the previous year, which was IDR 57.67 trillion.
The payment of claims and benefits was recorded at IDR 17 trillion or more than IDR 46 billion per day, Thursday (25/4). This was supported by the company's health level, one of which is reflected in the Solvency Level (Risk Based Capital/RBC) of Prudential Indonesia, which is 470%.
Prudential Indonesia's President Director Tony Benitez said that the solid performance in 2023 further strengthens the company's optimism to continue improving the company's positive performance sustainably.
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"We are grateful for the trust of our customers, marketers, and all parties so that Prudential Indonesia's performance remains solid throughout 2023, while maintaining our leadership in the life insurance industry in Indonesia," he said in a 2023 performance presentation, Thursday (25/4).
Overall, Prudential Indonesia and Prudential Syariah continue to diversify their product portfolios, one of which is by offering a variety of traditional product options, to reach a wider customer segment.
Throughout 2023, Prudential Indonesia recorded that traditional products experienced significant growth of up to 43%, resulting in a balanced company portfolio between traditional products (55%) and Investment-Linked Insurance Products or PAYDI (45%).
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The increase in sales of traditional products is due to the simple product design, making it easier for customers to understand the product, especially for those who are buying insurance products for the first time.
However, traditional products and PAYDI will continue to complement each other to meet the needs of the community at every stage of their lives. Therefore, at the beginning of 2023, both companies launched PAYDI, PRULink Next Gen, and PRULink Next Gen Syariah, which reaffirm both companies' commitment to maintaining professionalism in meeting various protection needs and managing customer assets according to their affordability and risk profile.
In addition, Prudential Syariah has also launched PRUAnugerah Syariah, a traditional life insurance product aimed at preparing valuable legacies for loved ones.
The business growth of both companies is also supported by increasingly professional marketers, who play a crucial role as the company's spearhead in serving customers.
