Thursday, May 3, 2012

Significant growth in insurance

The growth of the insurance industry in Indonesia continues to show a trend to increase significantly. It was also pointed out a life insurance company AIA Financial (Financial AIA) to score new business premium growth of 48.6 percent from Rp 1.06 trillion in 2010 to Rp 1.57 trillion in 2011.

Encouraging growth also occurred for the total assets of Rp 20.11 trillion previously in 2010 grew by 13 percent to Rp 22.72 trillion. "We are delighted with our performance throughout 2011. The new business premium and total premium income to grow dramatically, "said AIA President Carl S Financial Gustini, in Jakarta, Monday (30/4).

He explained, exhilarating performance also occurred in total premium income (including premium sharia). Total premium income rose 24.5 percent from Rp 3.5 trillion in 2010 to Rp 4.36 trillion in 2011.

Of that amount, especially for premium income reached Rp 219.36 billion sharia, up 89.8 percent from the previous year amounting to Rp 115.58 billion.

In addition, said Gustini, AIA Financial also noted an increase in the amount of claims payments. At 2010 earlier, the total payment of claims totaling Rp 2.31 trillion, while in 2011 rose 8.4 percent to Rp 2.5 trillion.

Then for investment, throughout 2011, the AIA issued a total investment of 21.6 trillion sebesarRp Financial. The number was up 14 percent from the previous year amounting to Rp 18.95 trillion.

Gustini added, the ratio of risk-based capital (RBC) Financial AIA as a measure of the strength and solvency of the company also grew significantly. Special RBC conventional business, rose to 182 percent of 505 percent in 2010 to 687 percent.

As for the RBC Shariah business rose 71 percent from -48 percent to 23 percent. That figure far surpassed the minimum requirements set at the government. As applicable, RBC must be at least 120 percent of conventional and Islamic businesses to a minimum of 5 percent.

Gustini admit, growth over 2011 was also driven strong performance in the 4th quarter last year. It was also evident from the reported release of the Life Insurance Association of Indonesia (AAJI) which shows the performance of new business premium income in which the total weight of AIA Financial grew rapidly in the 4th quarter last year.

That brings up the position of Financial AIA to-5 for the year 2011. In the previous year, AIA Financial position is at number nine.

"We have more people of Indonesia that has happened protection through insurance policies AIA Financial. This is a form of our appreciation, Paramitra bank, as well as the premiere agency we are proud of, "he said.

It said it would continue to work hard mempersembah the best products and service to the people of Indonesia. Thus, it can assist them in meeting the needs of protection and savings.

Described, AIA Financial is one of the life insurance company subsidiary of AIA Group. AIA Financial offers a variety of insurance products including insurance with Islamic principles which include life insurance, health, accident, employee welfare programs, investment-related insurance, severance programs, and pension plans.

All products that are marketed by more than 10,000 agents and professionals with experience through various distribution channels such as agency, bancassurance, and corporate solutions.

"Top-seeded and AIA Financial performance is also evidenced by the many awards received in the life insurance industry in Indonesia in recent years," he said.

Based on the record, AIA Group Limited, which is now known as AIA, was first established in Shanghai in 90 years ago. AIA is a market leader in the Asia-Pacific (excluding Japan) based on life insurance premiums and occupied the leading position in the majority of shares.

Based on the record as of 30 November 2011, AIA has assets totaling 114 461 million individual policyholders totaling approximately 24 million and more than 10 million participants policyholders collection.

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