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Oona Insurance Indonesia reported a 5.3% year-on-year revenue growth for the first half of 2024, reaching IDR 446.07 billion, driven by strong performance in motor vehicle and property insurance. Net profit grew by 2.80% to IDR 38.88 billion, and investment income increased by 2.24% to IDR 80.7 billion. Oona continues to focus on digital innovation, product expansion, and operational efficiency to enhance customer satisfaction and navigate market challenges.
Total Revenue reached IDR 446.07 billion, grew 5.3% (YoY)
Net Profit at IDR 38.88 billion, grew 2.80% (YoY)
Investment income reached IDR 80.7 billion, grew 2.24% (YoY)
Jakarta, August 6, 2024 – Oona Insurance Indonesia reported steady growth in the first half of this year, recording a revenue of IDR 446.07 billion. This marks an increase of IDR 22.45 billion from the previous year, reflecting a 5.3% year-on-year growth. This positive performance was primarily supported by the company’s motor vehicle and property insurance business lines. Oona Insurance in Indonesia operates through its licensed general insurance entity, PT Asuransi Bina Dana Arta, Tbk.
Vincent C. Soegianto, President Director & CEO Oona Insurance Indonesia stated, "We are actively enhancing our presence and deepening our engagement in Indonesia. Our positive performance underscores the effectiveness of our strategic initiatives, including the digitalizing our value chain, driving product innovation, and improving operational efficiency. These efforts show our genuine commitment to doing things right and improving in every part of our operations."
Liani Chandra, Director of Oona Insurance Indonesia added, “Oona Insurance is proactively preparing to face headwinds, including fluctuations in demand due to rising inflation. Motor vehicle retail purchases in Indonesia have also declined by approximately 14% in the first half of 20241 . The company is ready to adapt to new policies and regulations that may emerge, approaching these changes with confidence and adaptability.”
The company's net profit grew by 2.80% to IDR 38.88 billion from IDR 37.82 billion in the same period last year. Additionally, gross premium growth increased by IDR 8.73 billion, or 2.05% compared to the previous year (YoY). Meanwhile, from the investment income side, the company recorded a growth of 2.24% (YoY), reaching IDR 80.7 billion.
At Oona Insurance, putting the customers first is at the core of everything the company does. Oona Insurance drives growth by ensuring greater access to its products through a robust multi-channel distribution model. By leveraging technology, the company enhances customer engagement and ensures a seamless experience. Oona Insurance commitment to innovation helps the company meet the evolving needs of Indonesian consumers while maintaining a strong focus on customer satisfaction.
Headquartered in Singapore, Oona Insurance is a leading digital general insurer in Southeast Asia, backed by global private equity firm Warburg Pincus. Established in 2022, Oona Insurance aims to become the general insurer of choice for both partners and customers through a buy-and-build strategy, leveraging the pillars of superior customer service, advanced technology and a well-established brand across Southeast Asia. The firm currently operates in two markets in the region: Indonesia and the Philippines.
In Indonesia, Oona operates through its licensed insurance entity, PT Asuransi Bina Dana Arta, Tbk. Oona Indonesia, the new unified brand of this entity, offers quality products and services since early 2023, serving as a solid foundation for Oona Insurance's expansion across Southeast Asia's fast-growing insurance market.
Oona Indonesia is licensed and supervised by Indonesia Financial Services Authority (Otoritas Jasa Keuangan).
For more information on Oona Insurance, please visit: www.oona-insurance.com
