Net Profit Grows 18.3% in 2023, Avrist Assurance Confident in Running Sharia Business Unit Spin-Off

Net Profit Grows 18.3% in 2023, Avrist Assurance Confident in Running the Spin-Off Sharia Business Unit

Dream- PT Avrist Assurance (Avrist) recorded positive performance throughout 2023 as a result of strategic initiatives implemented by the company. The net profit of the life insurance company in Indonesia grew by 18.3 percent from Rp122.2 billion in 2022 to Rp144.5 billion last year. Avrist's positive performance also brought an optimistic attitude from the company to carry out the spin-off or separation of the Sharia Business Unit (UUS) they own.

"We believe that with the end of the pandemic and improved economic growth, the Indonesian economy will have a bright future, supported by strong fundamentals and a large market share. Similarly, the young population and low life insurance penetration also present opportunities to improve company performance."

"President Director of PT Avrist Assurance, Simon Imanto during the Avrist Media Gathering in Jakarta, recently."

Net Profit Grows 18.3% in 2023, Avrist Assurance Confident in Running Sharia Business Unit Spin-Off

According to Simon, the positive performance achieved by the company is the result of Avrist's strategy and innovation in streamlining the operational business of the company in life and health insurance, education insurance, pension insurance, and group insurance, both traditional and sharia.

The Financial Director of PT Avrist Assurance, Ian Ferdinan Natapradja, added that the Risk Based Capital (RBC) position, which grew to 612.7 percent as of December 2023, further strengthens the company's financial strength. The RBC level achieved by Avrist last year was far above the minimum standard set by the OJK at 120 percent.

Efficiency of the load becomes the key to maintaining a healthy financial position. The 3.5% decrease in load compared to the previous year helped us achieve positive profit growth. This is a proud achievement, especially in the midst of a challenging post-pandemic market situation. " "

says Ian Ferdinan Natapradja

With the outstanding performance in 2023, Simon said that the company is increasingly optimistic about implementing the Sharia Business Unit Separation (UUS) program in accordance with OJK Regulation number 11 of 2023.

"At present, Simon continued, the company is in the process of refining the organizational structure of the shariah unit, including forming a task force. 'Avrist has also prepared new shariah life insurance products to support the sales of the shariah unit towards spin-off, such as the Syariah Investa Optima Pro product which has started to be marketed through agency distribution channels after obtaining approval from the OJK,' said Simon."

Referring to the data from the Roadmap for the Development and Strengthening of the Insurance Industry 2023-2027 by the Financial Services Authority (OJK) and the ASEAN Insurance Surveillance Report 2022, the insurance penetration rate in Indonesia is still at 2.7 percent. This penetration rate is lower compared to other ASEAN countries. On the other hand, the results of the National Survey on Financial Literacy and Inclusion (SNLIK) show that the increase in insurance inclusion has not been significant. In 2022, insurance inclusion is still at 16.63 percent, or slightly improved from the condition in 2019, which was 13.15 percent.

However, the low penetration and inclusion of insurance are seen by Avrist as an opportunity for players in the financial sector to develop their business.

The opportunity is welcomed by Avrist Assurance by introducing innovation by utilizing digitalization and operational excellence that supports business growth across the company's distribution channels. This strategy is recognized to produce positive results with a continuously growing net profit supported by life and health insurance, education insurance, pension insurance, and group insurance, both traditional and Islamic.

Avrist also initiates various initiatives, especially in technology innovation and the launch of new products. Among them are Avrist Pintar (AVPIN) for simplifying the e-journey process, as well as Optical Character Recognition (OCR) identity validation and Digital Signature. Report: Khaira Amaliya.

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