Analysis of Factors Affecting Indonesian Life Insurance Premium Income Based on Product Portfolio
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This study investigates the determinants of premium income in the Indonesian life insurance sector by integrating product portfolio segmentation with macroeconomic and firm‐level financial analyses. Using annual data for 48 Indonesian life insurers from 2006 to 2023, K-means clustering on 2023 premium-income shares across eight product categories identifie d four distinct portfolio profiles: endowment-focused, term insurance-focused, investment product-focused, and diversified portfolios. Panel data regressions were then estimated to quantify the influence of inflation, GDP growth, insurance penetration, lagged investment yield, lagged equity, and lagged policy count on total premium income at both the industry level and within each cluster. At the industry level, economic growth and all three lagged financial indicators exert significant positive effects on premium income. Cluster-specific results reveal that endowment-focused firms derive growth primarily from investment returns, equity, and policy count; term-insurance firms benefit from all three financial indicators and economic growth; investment-linked firms depend critically on investment yield, number of policies, and insurance penetration, and diversified firms rely on strong investment performance and capital adequacy. These findings offer strategic insights for companies, regulators, and investors to optimize growth strategies and strengthen the resilience of Indonesia's life insurance industry.
Abstract
This study investigates the determinants of premium income in the Indonesian life insurance sector by integrating product portfolio segmentation with macroeconomic and firm‐level financial analyses. Using annual data for 48 Indonesian life insurers from 2006 to 2023, K-means clustering on 2023 premium-income shares across eight product categories identifie d four distinct portfolio profiles: endowment-focused, term insurance-focused, investment product-focused, and diversified portfolios. Panel data regressions were then estimated to quantify the influence of inflation, GDP growth, insurance penetration, lagged investment yield, lagged equity, and lagged policy count on total premium income at both the industry level and within each cluster. At the industry level, economic growth and all three lagged financial indicators exert significant positive effects on premium income. Cluster-specific results reveal that endowment-focused firms derive growth primarily from investment returns, equity, and policy count; term-insurance firms benefit from all three financial indicators and economic growth; investment-linked firms depend critically on investment yield, number of policies, and insurance penetration, and diversified firms rely on strong investment performance and capital adequacy. These findings offer strategic insights for companies, regulators, and investors to optimize growth strategies and strengthen the resilience of Indonesia's life insurance industry.