Income from the bancassurance channel took a hit.
The premium income of Indonesia's life insurance sector dropped 5% YoY to $13.05b (IDR185.88t) in 2018, according to data from the Life Insurance Association of Indonesia.
Income from the bancassurance segment dragged headline figures especially since they accounted for 42.9% of total life premiums.
Total new business premiums dropped 8.2% YoY to $8.24b (IDR117.38t) whilst renewal premiums managed to inch up 1% to $4.81b (IDR68.5t) over the same period.
The weaker-than-expected economic growth may have also contributed to the sluggish performance of the life insurance sector after GDP growth stood at 5.17% below the targeted 5.4% rate.
Investment returns also plunged by 84.5% YoY to $549.76m (IDR7.83t) in 2018.
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