BRI Insurance gains from property, credit lines in premium surge

The insurer’s regulatory RBC ratio stood at 374% at end-2024.

PT BRI Asuransi Indonesia’s (BRI Insurance) is expected to continue its capital stability and profitability, Fitch Ratings said.

The insurer’s regulatory RBC ratio stood at 374% at end-2024, and its IDR2.5t equity base meets upcoming capital requirements. 

Gross premiums rose 18% in 2024, supported by strong contributions from property and credit insurance, with 40% of premiums sourced through parent company PT Bank Rakyat Indonesia (Persero) Tbk.

Despite a solid combined ratio of 48% and average ROE of 28% over 2022–2024, Fitch noted BRI Insurance’s high reliance on reinsurance as a key risk. Reinsurance recoverables represented 92% of capital, above the industry’s 74%, with exposure to lower-rated domestic reinsurers.

Fitch expects BRI Insurance to sustain its financial position whilst managing reinsurance risk, backed by conservative investments and ongoing support from BRI.