OJK: Indonesia's Insurance Premium Revenues More Than Rp150tn in First Half

TEMPO.CO, Jakarta - The Financial Services Authority (OJK) said that Indonesia's non-bank financial industry sector (IKNB) performed well as of mid-2023. One of the indications is the accumulation of premium income in the insurance sector, which stood at Rp150.09 trillion as of June 2023.

"The risk profile of finance companies is still maintained with a non-performing financing ratio recorded at 2.67 percent," the regulator's board of commissioners' chief Mahendra Siregar said at the OJK building on Tuesday, August 1.

Meanwhile, capital in the non-bank financial sector was maintained with the life insurance and general insurance industries recording Risk Based Capital above the threshold, respectively 467.85 percent and 314.08 percent.

"The same with the gearing ratio of finance companies, which was recorded at 2.27 times," Mahendra said.

Sri Mulyani: Indonesia's Overall Finances Are Stable

Overall, Finance Minister Sri Mulyani Indrawati said that Indonesia's financial system stability conditions continued to improve.

"Financial system stability in the second quarter of 2023 remained well-maintained amidst the global financial markets' dynamics," she said.

According to Sri Mulyani, this development is in line with the conditions of the resilience of Indonesia's economy and financial system, supported by coordination within the Financial System Stability Committee (KSSK) which continues to be strengthened.

MOH. KHORY ALFARIZI

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