Jakarta (Antara Bali) - Indonesia's life insurance industry reported poorer performance in the last quarter of 2015 with income shrinking 20.9 percent to Rp132.74 trillion year-on-year.
In the last quarter of 2014, life insurance companies recorded a total income of Rp167.76 trillion, the Association of Indonesian Life Insurance (AAJI), said.
AAJI general chairman Hendrisman Rahim attributed the decline to shrinking life insurance investment with a deficit of Rp1.66 or a fall of 104.1 percent year-on-year.
The performance in the last quarter of 2015, was still better than the previous quarter when the investment fell 152.7 percent, Hendrisman said here on Wednesday.
The un-audited performance involved 51 of 54 members of the association, he said.
Though declining the total income of the 51 life insurance companies was mush higher in the last quarter of 2015 compared with the third quarter, he said.
In the third quarter of 2015, the 51 companies recorded Rp89.1 trillion in income, up 49 percent to Rp132.74 trillion in the last quarter of that year.
Their income in premium rose 5.8 percent from Rp121.62 trillion in the third quarter to Rp128.66 trillion.
"This indicated improved confidence of the people or policy holders in the industry," Hendrisman said.
He said the assets of life insurance companies grouped in AAJI declined 1 percent to Rp360.35 trillion in 2015 from Rp364.02 trillion in the previous year.
Total investment by life insurance companies also fell 1.3 percent from Rp318.87 trillion in the last quarter of 2014 to Rp314.58 trillion in the same period in 2015.
Edy Tuhirman, another official of AAJI Edy Tuhirman attributed the decline in performance to protracted global economic crisis.
"The global economic slowdown and turbulence worsened by uncertainty over the plan of the U.S. central bank, the Fed, in raising its fund rate in mid 2015, had bad impact on insurance industry," he said. (WDY)
COPYRIGHT © ANTARA News Bali 2016
In the last quarter of 2014, life insurance companies recorded a total income of Rp167.76 trillion, the Association of Indonesian Life Insurance (AAJI), said.
AAJI general chairman Hendrisman Rahim attributed the decline to shrinking life insurance investment with a deficit of Rp1.66 or a fall of 104.1 percent year-on-year.
The performance in the last quarter of 2015, was still better than the previous quarter when the investment fell 152.7 percent, Hendrisman said here on Wednesday.
The un-audited performance involved 51 of 54 members of the association, he said.
Though declining the total income of the 51 life insurance companies was mush higher in the last quarter of 2015 compared with the third quarter, he said.
In the third quarter of 2015, the 51 companies recorded Rp89.1 trillion in income, up 49 percent to Rp132.74 trillion in the last quarter of that year.
Their income in premium rose 5.8 percent from Rp121.62 trillion in the third quarter to Rp128.66 trillion.
"This indicated improved confidence of the people or policy holders in the industry," Hendrisman said.
He said the assets of life insurance companies grouped in AAJI declined 1 percent to Rp360.35 trillion in 2015 from Rp364.02 trillion in the previous year.
Total investment by life insurance companies also fell 1.3 percent from Rp318.87 trillion in the last quarter of 2014 to Rp314.58 trillion in the same period in 2015.
Edy Tuhirman, another official of AAJI Edy Tuhirman attributed the decline in performance to protracted global economic crisis.
"The global economic slowdown and turbulence worsened by uncertainty over the plan of the U.S. central bank, the Fed, in raising its fund rate in mid 2015, had bad impact on insurance industry," he said. (WDY)
Editor : I Gusti Bagus Widyantara
COPYRIGHT © ANTARA News Bali 2016