Heaptalk, Jakarta — Recording positive performance during 2013, Axa Mandiri posted a net profit after tax of Rp1.33 trillion, approximately US$82.6 million (US$1 equals Rp16,097), growing 13.2% compared to Rp1.17 trillion, around US$72.7 million in 2022.
According to Axa Mandiri President Director Handojo G. Kusuma, this net profit has demonstrated all-time high growth since the company was founded in 2003. This achievement is supported by strategies to maintain a healthy business portfolio and manage underwriting costs and risks. The company also strives to enhance life and health protection for the community by providing inclusive life insurance products and innovative services.
In more detail, throughout 2023, Axa Mandiri received a gross premium income of Rp11.682 trillion, with an increasing trend in premiums from new customers. This increase is reflected in the 5.2% growth in first-year premiums to Rp1.69 trillion. Net investment income saw a positive trend, growing by 1.3% to Rp1.55 trillion, supported by interest income from securities.
Seizing the largest bancassurance market share
The company has also paid total gross claims of Rp10.11 trillion in 2023 and protected more than 3.8 million insured persons throughout Indonesia. This achievement has given the company the largest bancassurance market share in Indonesia. “AXA Mandiri is always committed to presenting innovation to continue to increase market share supported by digital transformation and developing innovative life insurance products to support the Company’s transformation,” said Handojo in Jakarta (05/14)
Handojo further explained that the company’s transformation aims to provide a good customer experience through easy and accelerated access to services by utilizing technology and comprehensive digitalization, including through Emma by Axa Mandiri, a digital customer service portal. Apart from that, the company constantly analyzes customer trends and behavior and develops data analytics. These efforts allow the company to provide excellent customer service and capture potential and business opportunities in the future.
As of December 2023, the company’s total assets were recorded at Rp41.11 trillion from Rp40.15 trillion in the same period the previous year. Risk-based capital (RBC) continues to be maintained and reaches 519.24%, an increase from 477.58% in 2022 or more than four times the minimum limit set by the OJK, namely 120%. This reflects the strength of Axa Mandiri’s financial health in continuing to provide life insurance protection for customers.
Launching Sharia protection insurance
“We have a strong foundation to continue building sustainable business growth by exploring the vast potential of the insurance industry coupled with support and synergy from Bank Mandiri, one of the largest banks in Indonesia, and Axa Group as a leading global insurance company. In the last year, we have launched several insurance products for various segments of society, including micro, retail, and Sharia, each of which is equipped with unique benefits and features to answer the needs of each segment,” Handojo added.
At the end of March, Axa Mandiri launched Amanah Syariah Protection Insurance, which provides protection benefits based on Sharia principles. In the second half of 2023, the company also launched Mandiri Flexi Proteksi Insurance, which provides life protection benefits and protection from 77 critical illnesses, as well as Mandiri Micro Life Protected Insurance (Si Jitu) which offers affordable premiums for all levels of society, including MSMEs and workers in the small and medium sectors.
