PT BNI Life Insurance, or BNI Life, aims for a premium growth of 19% in 2024. Acting President Director of BNI Life, Eben Eser Nainggolan, targets premium revenue in 2024 to reach Rp6.4 trillion, a 19% growth from the total premium revenue in 2023.

Despite the ongoing general elections in 2024, Eben states that BNI Life remains optimistic about achieving the set targets. "We are optimistic that the life insurance business will grow and reach its target this year, despite being a political year in Indonesia and the presence of geopolitical issues," explained Eben to Kontan on Thursday (15/2).

Starting off 2024, Eben notes that BNI Life's premium revenue in January 2024 amounted to Rp556 billion, a 1% YoY growth. He considers this figure a good start to the year. Eben sees the wide insurance market in Indonesia and the increasing public interest or awareness of the importance of having insurance as factors driving the growth of the insurance industry.

In 2024, BNI Life will focus on selling traditional products and regular premium products to boost premium revenue from the bancassurance segment while still marketing unit-linked products, which still have growth potential.

To achieve the set targets, Eben reveals several strategies prepared by BNI Life. These strategies include maintaining profitable regular premium products, optimizing investment performance, and implementing automation and digitalization of business processes. "We will also focus on enhancing the capabilities and productivity of human resources," he added.

Previously, the Indonesian Life Insurance Association projected a rebound in the life insurance industry in 2024. AAJI also projected that the insurance industry would achieve premiums reaching Rp192.2 trillion.

Responding to this projection, Eben said that while the projection can be considered realistic, it may also experience volatility depending on various factors such as economic conditions, industry trends, government policies, and other factors.