JAKARTA. PT Asuransi Jiwa BCA (BCA Life) is targeting premium income growth in 2024 to reach 15%. Last year, BCA Life managed to score income of IDR 1.62 trillion.

Christine Setyabudhi, President Director & CEO of BCA Life, said that the achieved figure and target are consistent from time to time. Prior to this, in 2022, the company’s premium also grew 15% year-on-year (yoy) to IDR 1.41 trillion. “This success cannot be separated from significant contribution from bancassurance sales’ portfolio, which showed sharp upturn of 64% yoy from 2022,” she explained to IDNFinancials today (14/3).

According to Setyabudhi, bancassurance business improvement also reflects the company’s ability to optimise its business potential in collaborating with banking industry.

BCA Life, also a subsidiary of PT Bank Central Asia Tbk (BBCA), also wishes that the new government period of 2024-2029 may drive national economic growth, thus promoting demand for insurance products. “With sound strategy and focus in top-quality service, BCA Life believes to be able to achieve better performance in the next years,” Setyabudhi added.

As quoted from the audited financial report, BCA Life booked net profit of IDR 78.9 billion in 2023, or growing 35.55% yoy from the previous IDR 58.21 billion. Last year, BCA Life has also paid claims and benefits of IDR 737.61 billion, 13.49% yoy higher than IDR 649.91 billion seen in 2022.

This great achievement allowed its assets to grow 22.61% yoy from IDR 2.35 trillion to IDR 2.87 trillion. Meanwhile, solvability or risk-based capital (RBC) were recorded at 436.60%. (PP/ZH)