15 traditional life insurers deserving of the best and strongest ratings in 2023. The ranking was done by CNBC Indonesia Research based on public demand for strong life insurance companies.
This means Indonesia could face the possibility of a recession, hyperinflation and a global slowdown this year that could affect its economy and society.
The ranking is conducted on 51 traditional life insurance companies registered and certified by the Institute of Financial Services (OJK). CNBC Indonesia Research uses each company’s up-to-date traditional corporate financial statements to classify participants in the assessment based on total asset ownership.
Description There are life insurance companies with assets greater than IDR 20 trillion, life insurance companies with assets between IDR 6 and IDR 20 trillion, and life insurance companies with assets between IDR 1 and IDR 5 trillion.
Muhammad Ma’ruf, Head of Research for CNBC Indonesia, said the ranking is expected to respond to the information community’s need for reliable insurance in the face of difficult conditions this year.
“Of course, this selection does not necessarily negate the performance of other insurers. All participants meet the minimum criteria for an adequate insurer with a Risk Based Capital (RBC) of 120% or higher. However, the 15 insurers selected are among the best. In their respective groups in 2023. Each.”
Meanwhile, CNBC Indonesian finance expert and researcher Aulia Akbar said there are nine evaluation categories to determine the winners. That is, capital adequacy ratio, investment adequacy ratio, loss ratio, total insurance premium growth rate, current net profit margin, asset growth rate, debt ratio, asset return rate, media perspective, etc.
Akbar notes, “All rating indicators are quantitative, and only one point is shown representing a qualitative medium, and even that is a small fraction of the overall weight of the rating.”
Life insurance company with assets of over IDR 20 trillion
- PT Asuransi Simas Jiwa
- PT AXA Mandiri Financial Services
- PT BNI Life Insurance
- PT Prudential Life Assurance
- PT Asuransi Jiwa Manulife Indonesia
Life insurance company with assets between IDR 6 trillion and IDR 20 trillion
- PT Panin Dai-ichi Life
- PT Asuransi Jiwa Sinarmas MSIG Tbk
- PT Great Eastern Life Indonesia
- PT Zurich Topas Life
- PT Axa Financial Indonesia
Life insurance company with assets between IDR 1 trillion and IDR 5 trillion
- PT Asuransi Jiwa Starinvestama
- PT Hanwha Life Insurance Indonesia
- PT Asuransi Jiwa BCA
- PT PFI Mega Life Insurance
- PT Lippo Life Assurance