Reliance Insurance Wins Award at the Infobank Sharia Institution Award 2020

Infobank Sharia Awards 2020

Jakarta – Reliance Insurance won the title of “Excellent” for the category of Sharia Unit for General Insurance Companies, at the E-Awarding 9th Infobank Sharia Institution Award 2020 which took place virtually through a Live Video Conference, Tuesday (27/10) 2020).
The predicate “Very Good” achieved is a form of appreciation to Sharia-based Financial Institutions for their outstanding financial performance throughout 2019 based on the research results of the Infobank Research Bureau (BiRI) in 2020.

In the midst of various dynamics in the insurance industry, the insurance company’s sharia business unit led by Mardiana as President Director has managed to grow significantly. Reliance Insurance Syariah’s gross contribution income grew
shot 189.29% from IDR9.292 billion in 2018 to IDR26.881 billion in 2019. Its underwriting surplus was also able to grow 1,451.17% (year on year / yoy) to IDR12,371 billion.

The increase in contribution and underwriting surplus will also encourage the growth of profits and total assets in 2019, respectively 2,040.15% and 36.59% to Rp7.99 billion and Rp58 billion, respectively.

Officially operating since early January 2016, until 2020 PT Asuransi Reliance Indonesia Sharia Business Unit has served more than 500,000 customers, spread across Indonesia through a variety of sharia insurance products targeting various
segments both retail, corporate, MSME and commercial.

In line with the development of its business and also in order to comply with OJK regulations regarding Separation of Sharia Units, PT Asuransi Reliance Indonesia Sharia Business Unit has submitted a Work Plan for Separation of Sharia Units to OJK to establish a full-fledge sharia general insurance company by 2024. ( ARI )

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