PT BRI Asuransi Indonesia (BRI Insurance) is expected to maintain strong capital stability and profitability, according to Fitch Ratings.
At the end of 2024, the insurer’s regulatory Risk-Based Capital (RBC) ratio stood at 374%, well above the minimum requirement. Its equity base of IDR2.5 trillion also satisfies Indonesia’s upcoming capital regulations.
Gross written premiums grew by 18% in 2024, driven largely by property and credit insurance. Notably, 40% of the company’s premiums were generated through its parent, PT Bank Rakyat Indonesia (Persero) Tbk.
BRI Insurance reported a strong combined ratio of 48% and an average return on equity (ROE) of 28% over the 2022–2024 period. However, Fitch highlighted the insurer’s heavy dependence on reinsurance as a key risk. Reinsurance recoverables accounted for 92% of BRI Insurance’s capital—well above the industry average of 74%—and much of this exposure is to lower-rated domestic reinsurers.
Despite this risk, Fitch expects BRI Insurance to maintain its financial strength, supported by conservative investment practices and backing from its parent company, BRI.
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