IFG Life Records Positive Growth in the First Quarter of 2023

Armfalcon.com, JAKARTA — PT Asuransi Jiwa IFG (IFG Life) managed to record positive business growth throughout 2023 and managed to generate revenue of IDR 468.5 billion during the first quarter of 2023. Main Director of IFG Life Harjanto Tanuwidjaja said that the transformation carried out by the company has proven to have yielded positive results.

This is evidenced by the achievement of income from premiums of IDR 118.8 billion and investment performance which managed to record investment income of IDR 348.4 billion. With this positive business growth, IFG Life managed to record a profit of IDR 23 billion in the first quarter of 2023.

As for 2022, IFG Life managed to record premium income of IDR 1.13 trillion, skyrocketing from premium income throughout 2021 which only reached IDR 24.21 billion. Parallel to the surge in premium income, IFG Life’s investment returns in 2022 also shot up to IDR 1.21 trillion, from IDR 65.43 billion in 2021.

This impressive performance succeeded in boosting IFG Life’s profit last year. According to the company’s audited financial report, IFG Life throughout 2022 managed to record a total net profit after tax of IDR 128.24 billion, turning positive from a net loss of IDR 74.22 billion in 2021.

“IFG Life’s strategy for transformation by creating a new business model that is tangible and sustainable, supported by more productive human resources, and continuing to strengthen the IFG Life brand has proven to be effective in driving business performance that continues to grow positively,” said Harjanto at the halal bi halal event. with the media in Jakarta, Thursday (11/5/2023).

In addition, he added, the various synergies carried out by the company together with a number of business partners have also become a positive catalyst for the development of IFG Life’s business in the first quarter of 2023. Harjanto emphasized that customers are the company’s top priority. IFG Life will focus developing protection-based insurance products that are affordable and tailored to the needs of the community.

After last year launching the IFG LifeSAVER product which is a digital insurance product with a premium of only IDR 49,000, IFG Life is now preparing IFG LifeCOVER which is a term life protection product with premiums starting from IDR 26,000 per month.

Currently, the company has also launched the IFG Premier Annuity Plan product, which is an insurance product to help customers face risks that arise when they enter old age and also presents IFG Life Protection Platinum, which is an investment-linked insurance protection (PAYDI) product that focuses on on consumer protection. Not to be left behind, IFG Life is also preparing IFG LifeCHANCE products to provide protection for patients with critical illness for the first time.

“We plan to develop pure protection products to protect all risks to life, which we call LifeSeries. Our main commitment is to prioritize the best service for customers and the community,” he said.

On this occasion, Harjanto also said that the recent progress of the migration process and transfer of the restructuring policy from Jiwasraya had been going well and on track. Regarding the transfer of the Jiwasraya restructuring policy, Harjanto reported that it arrived by April 30, 2023, a total of 157,485 Jiwasraya restructuring policies had been successfully transferred to IFG Life. This figure reached 68.38 percent of the total restructuring policies carried out.

“Up to April 30, 2023, the transfer of the Jiwasraya restructuring policy to IFG Life has reached 68.38 percent or around 157,485 policies,” he said.

Regarding the transfer restructuring policy from Jiwasraya, continued Harjanto, IFG Life has paid a claim of IDR 7.8 trillion. “We are committed to always providing the best service to the community and all customers, both IFG Life customers and transition customers from Jiwasraya. Customer satisfaction is our top priority,” said Harjanto.