Jakarta. Astra Life recently reported a robust performance throughout 2023.

According to Astra Life’s president director Nico Tahir, the company’s gross written premium reached Rp 6.1 trillion in 2023, up by 3 percent versus 2022. This is a record-high for the company. Last year, Astra Life’s gross written premium stood at Rp 5.9 trillion. Nico also reported that Astra Life had booked a positive profit last year.

Astra Life reported that its gross written premium had grown by ninefold since its establishment in 2014. The growth rate is also beyond that of the industry’s average. The Indonesian Life Insurance Association (AAJI) reported not long ago that the industry’s premium income had dropped 7.1 percent year-over-year (yoy). 

“Throughout 2023, Astra Life also made various efforts to maintain our good business portfolio, encourage protection-based products, optimize investment income, making sure that the operational costs are on target, while also doing innovations to strengthen our portfolio’s growth,” Nico was quoted as saying in a recent press statement.

Astra Life’s total assets grew from Rp 7.1 trillion in 2022 to Rp 7.5 trillion the following year, marking a 6 percent yoy increase. Astra Life has also protected about 3.6 million people, up by eightfold since 2014. Its risk-based capital stood at 246 percent, far exceeding the minimum requirements of 120 percent set by the Financial Services Authority (OJK). Astra Life has also paid off Rp 696 billion worth of claims throughout the last year.

“We would like to extend our utmost gratitude to our customers and business partners who have helped us achieve a profitability that had grown significantly compared to the previous year. We believe insurance is a form of love for our family. For that reason, we vow to continue to make innovations so we can give all Indonesian families peace of mind,” Nico said.