Newly Spin-Off for a Year, Prudential Syariah Already Has Assets of Rp6.7 Trillion

Dream - Sharia life insurance company, Prudential Syariah, celebrates its first anniversary after officially becoming a separate entity on April 5, 2022, with positive results. This Sharia life insurance has fulfilled its obligation to pay claims worth Rp1.7 trillion throughout 2022, including health benefit claims and life insurance.

Since deciding to spin-off, Prudential Syariah has recorded total assets worth Rp6.7 trillion and recorded a 249% Tabarru Fund risk-based capital (RBC), exceeding the minimum target set by the regulator. This achievement also indicates the company's healthy financial condition.

Prudential Syariah occupies the first position as a Sharia life insurance company with a 39% market share of Tabarru funds, as well as a 21.5% market share in terms of assets. Prudential Syariah also has more than 160,000 licensed Sharia business partners, the largest in the industry, to assist participants in planning Sharia-based protection solutions.

“Currently, we have provided halal protection access to more than 530,000 participants. Through three main strategies, namely innovation strategy, digitization strategy, and collaboration strategy,” said Omar S. Anwar, President Director of Prudential Syariah in a written statement received by Dream.

Innovation Strategy

Through innovation strategy, products that are in accordance with the financial needs of each participant in every different stage of life.

To reach a wider range of Indonesian society, there are also products available with affordable contributions starting from Rp8,000 per month.

Through Digitization Strategy

One of the challenges in developing Sharia life insurance is the low literacy and financial inclusion index of Sharia, which only reached 9.14% in 2022 for literacy and 12.12% for inclusion.

Meanwhile, the literacy and financial inclusion index of the general Indonesian population reached 49.68% and 85.10% in the same year.

This challenge has prompted Prudential Syariah to take strategic steps by launching the Sharia Knowledge Centre (SKC) which focuses on information, literacy, innovation, and collaboration pillars.

Prudential Syariah has launched the Sharia Knowledge Centre (SKC) to enhance Sharia financial literacy and as a collaboration platform among stakeholders, including educational institutions that have become our partners such as KNEKS, IPB University, and UIN Imam Bonjol Padang.

Collaboration Strategy

Prudential Syariah has collaborated with the Indonesian Sharia Insurance Association (AASI) in initiating the Blueprint for Sharia Life Insurance and establishing strategic partnerships with the Nahdlatul Ulama Central Board (PBNU).

“With the increasing demand for Sharia life insurance, we are increasingly focused on developing this segment. Therefore, we have taken the initiative to hold various activities in major cities such as Sharia financial literacy activities,”

On the other hand, Indonesia also has the potential for Sharia financial growth, especially insurance.

The performance of Sharia insurance recorded an annual growth of 3.5% in December 2022.

“The number of Muslims in Indonesia reached 87.2% of the total population in 2021. This figure indicates that Indonesia has great potential to develop the Sharia economic sector. Prudential Syariah has taken strategic steps to capture this potential and has become the first joint venture company to spin-off in 2022,” said Bambang Brodjonegoro, President Commissioner of Prudential Syariah.