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AXA Mandiri eyes double-digit growth in premium income
AXA Mandiri Financial Services, one Indonesia’s major insurance companies, expects to maintain double-digit growth in premium income this year as it taps into the large customer base of its parent company, Bank Mandiri.
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AXA Mandiri Financial Services (AXA Mandiri) president director Handojo G. Kusuma (left) attends an event in Jakarta. (Antara/Audy Alwi)
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XA Mandiri Financial Services (AXA Mandiri), one Indonesia’s major insurance companies, expects to maintain double-digit growth in premium income this year as it taps into the large customer base of its parent company, Bank Mandiri, to attract new policyholders.
AXA Mandiri president director Handojo G. Kusuma said in Jakarta on Tuesday that the insurer would market its products more intensively to customers of Bank Mandiri, which had one of the largest customer bases in the country.
"We hope to book double-digit growth in premium income by tailoring insurance products to the special needs of Bank Mandiri customers,” he told a press briefing.
AXA Mandiri is jointly owned by Bank Maniri, which has a 51 percent stake, and AXA Group’s National Mutual International Pty. Ltd, which holds 49 percent.
AXA Mandiri booked gross premium income of Rp 9.5 trillion (about US$698.5 million) in 2019, an 11 percent increase from Rp 8.59 trillion in 2018, while its net investment reached Rp 668 billion in 2019 following a deficit of Rp 1.68 trillion in 2018.
As a result, revenue totaled Rp 10.74 trillion in 2019, a 44 percent year-on-year increase.
Handojo said AXA Mandiri had recorded a net profit of Rp 1 trillion in 2019, up 6 percent from Rp 946.6 billion recorded in the preceding year.
