JAKARTA, ULTIMOPARADISO.COM – PT Sompo Insurance Indonesia (“Sompo Insurance”) successfully recorded significant performance for the 2024 fiscal year (audited).
As of December 2024, Sompo Insurance reported a total combined revenue (conventional and sharia) of IDR 3.2 trillion, a 7.6% year-on-year (YoY) growth compared to the same period in 2023.
In the same year, the company also posted a net profit of IDR 150.9 billion, marking a 45.3% YoY increase compared to the previous year.
Eric Nemitz, President Director of Sompo Insurance, stated that despite the slowdown in Indonesia’s economic growth, Sompo still managed to book significant profits.
“In the midst of the challenging dynamics and conditions of the Indonesian economy, where economic growth slightly slowed in 2024 compared to the previous year, we are grateful to have achieved positive growth. This achievement was supported by the implementation of the right strategies, innovative solutions, and strengthened partnerships. We remain committed to meeting the diverse needs of our customers and business partners through a wide range of general insurance products, such as property, motor vehicle, travel, cargo, and both domestic and international health solutions,” said Eric.
“At the core of our business is a commitment to delivering exceptional service to our customers and partners. By providing excellent service coupled with innovative products, we believe more people will entrust their financial, property, and health protection to Sompo Insurance,” Eric added.
Throughout 2024, property insurance, motor insurance, and health insurance were the top three business lines contributing the most to the company’s premium income, amounting to IDR 2.4 trillion or around 82% of the company’s total premiums. Sompo Insurance maintained healthy performance, with a Risk-Based Capital (RBC) of 242% as of December 2024 — well above the regulatory threshold of 120%. Meanwhile, the company’s investment adequacy ratio stood at 168%.
In the sharia business segment, Sompo Insurance recorded a tabarru fund surplus of IDR 60.1 billion, a 32.1% YoY increase compared to the same period last year. RBC for the sharia segment was recorded at 679%, far exceeding the regulator’s requirement. Referring to the regulation by the Financial Services Authority (OJK), which requires insurance companies to spin off their Sharia Business Units (UUS) by December 2026 at the latest, Sompo Insurance announced its planned spin-off of the sharia unit in November 2024.
Sompo Insurance is one of the leading multinational general insurers in Indonesia. As it enters its 50th year of dedication to the Indonesian community, Sompo Insurance remains committed to providing comprehensive protection for customers’ assets, finances, and health. These solutions have been thoughtfully developed to align with the evolving needs of Indonesian society and business communities.
As is widely known, Sompo Insurance Indonesia (“Sompo Insurance”) is a global insurance company originating from Japan and a part of Sompo Holdings, one of the largest general insurance companies in Japan and a major general insurer in Indonesia.
Since 1975, Sompo Insurance has been safeguarding the safety, health, and well-being of its customers in Indonesia. Sompo Insurance offers general insurance solutions to protect both businesses and individuals against risks related to health, personal accidents, travel, motor vehicles, cargo, fire, earthquakes, and more.
Sompo has an extensive sales network to deliver its best products and services through brokers, agents, bancassurance, leasing, motor vehicle manufacturers, and direct marketing.
With strong financial health, extensive experience, and unwavering dedication, Sompo Insurance is committed to providing protection solutions and expert service with ease to all customers and business partners. ***
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