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Manulife Indonesia welcomes peaceful completion of election
While income increases are the main driver for insurance growth, political stability and robust legal growth are critical conditions for success because life insurance is a long-term promise to customers.
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Jonathan Hekster, the chief executive officer of Manulife Indonesia (Courtesy of/Manulife Indonesia)
T
he life insurance industry has greatly welcomed the peaceful completion of the presidential and legislative elections, which was evidence of the country's vibrant and strong democracy, PT Manulife Indonesia CEO Jonathan Hekster noted on Monday.
“While income increases are the main driver for insurance growth, political stability and robust legal growth are critical conditions for success because life insurance is a long-term promise to customers and is fundamentally a business with a long-time perspective,” Jonathan told The Jakarta Post.
Jonathan said Manulife Indonesia, a subsidiary of Canadian Manulife Financial service group, had been operating in the country for almost 34 years and had seen many elections.
“We have been growing stronger as we focus our business to help fulfill the needs of Indonesian families,” he added.
In 2018, Manulife recorded strong results with its net income rising 170 percent to Rp 2.6 trillion (US$180 million) and total shareholder equity increasing 4 percent to Rp 11.5 trillion. The income was supported by 4 percent growth in net premiums to Rp 9.2 trillion.
“This performance is outstanding because according to the Financial Service Authority, the life insurance sector’s equity decreased 18 percent in 2018. It is this financial strength that has been a key driver of our ability to fulfill our promises to our 2.5 million customers over time,” Jonathan pointed out.
He admitted 2018 was a challenge for the life insurance industry but Manulife continued to strengthen its capital position to support its overall business operations with risk-based capital at 461 percent, way above the 120 percent regulatory minimum requirement. (vin/bbn)
