including superior products and customized products. 5. General insurance company that controls the micro insurance market share. 6. CAGR of gross premiums (21.21%), net profit (35.23%), underwriting results (20.95%) and positive investment results (11.59%) in the last 3 (three) years are above average industry. 7. Have strong financial ratios in the last 3 (three) years and are above the industry average, including: profit margin, ROE, underwriting yield, loss ratio and RBC 8. BRI Insurance’s maturity level (such as governance, compliance, risk management and audit) received a score above 3 (defined) 9. BRI Insurance with services that are increasingly developing with services based on digitalization and automation (such as BRINESIA, BRINSmobile, Claim Center/ B-Class, Customer Care, E-policy). 10. Having certified experts. Business Prospect and Strategy for PT BRI Asuransi Indonesia in 2024 In the midst of global economic turmoil that has not subsided, the Indonesian economy shows resilience and has good prospects. Bank Indonesia estimated economic growth in the range of 4.5% - 5.3% in 2023, and it will continue to increase to 4.7% - 5.5% in 2024, supported by private consumption, investment and continued positive export performance. This can be a strength for the Company in the insurance industry because economic growth and economic class movements will encourage an increase in people’s household spending. Under these conditions, BRI Insurance is confident that it will be able to compete and continue to increase BRI Insurance’s income while continuing to carry out business processes prudently. The insurance industry is expected to experience an increase in the next 5 (five) years. Industry players are focused on digitalization, strengthening the ecosystem, opening new marketing channels, increasing the number of marketers and strengthening capital. The BRI Insurance strategy in 2024 is as follows: 1. Portfolio focuses on business lines with controlled risk levels and good profitability. 2. Strengthening the micro segment to support financial inclusion, one of which is by optimizing production growth in the motor vehicle business line. 3. Optimizing retail segment products for suboptimal production, especially in the property and motor vehicle insurance business lines, through strengthening synergies. 4. Strengthening reinsurance management. 5. Striving to reduce exposure to the credit insurance business line and reviewing alternative sources of new growth. 6. Realizing the potential for insurance penetration in the ultramicro ecosystem. 7. Improving pipeline management to minimize performance fluctuations and deviations from targets. 8. Preparation of a follow-up plan for the separation of the Sharia Business Unit in accordance with applicable regulations. 9. Increasing the marketing for custom products according to customer segments and needs to realize the aspirations of providing a customer-centric one stop insurance solution. 10. Continuing to strengthen investment capacity in an effort to increase investment returns to optimize returns, manage investment risks, especially in anticipating the implementation of PSAK 74. 11. Examining the potential of cyber risk insurance products in responding to new risks that arise. 12. Strengthening the digital ecosystem as a distribution channel by developing simple, affordable products with a shorter time frame and in line with the needs of the wider community is in line with the aspirations of going smaller and going faster. PT BRI DANAREKSA SEKURITAS In the 2023 period, PT BRI Danareksa Sekuritas managed to record a net profit of IDR70.52 billion. The business income obtained was IDR308.78 billion with the largest contribution coming from securities trading intermediary services income amounting to IDR141.0 billion or 47%, followed by financial advisory services income amounting to IDR116.47 billion or 39%, and underwriting services income amounting to IDR63.83 billion or 8% of the total recorded revenue. Compared to 2022, PT BRI Danareksa Sekuritas’ revenue was relatively smaller or has decreased by IDR38.73 billion or decreased by 11.14%, this decrease was due to several securities underwriting projects experiencing rescheduling. However, other business lines experienced a significant increase, especially income from securities trading brokerage services. Table of PT BRI Danareksa Sekuritas Performance (Productivity) (in IDR million) Description 2023 2022 Growth (Nominal) (%) Asset 1,059,172 1,648,173 (589,001) (35.74%) Operating Revenue 308,777 347,502 (38,725) (11.14%) Net Profit 70,521 72,970 (2,449) (3.36%) PT Bank Rakyat Indonesia (Persero) Tbk. 2023 Annual Report 254
RkJQdWJsaXNoZXIy NTM2MDQ5