Indonesia: Growth of family takaful business outpaces that of conventional life insurance in 2024
Source: Middle East Insurance Review | Apr 2025
Family takaful contributions saw a 10.4% growth in 2024 to IDR22.61tn ($1.37bn), compared to 2024, according to the Indonesian Life Insurance Association (AAJI).
At a media briefing on the performance of the life insurance market in Indonesia, including family takaful, AAJI chairman Budi Tampubolon attributed the growth to increasing public awareness of shariah-based financial products.
The 2024 contribution income from shariah insurance products represented 12.2% of the total premiums and contributions posted for 2024.
The pace of growth of family takaful business in 2024 in Indonesia was several times faster than that of conventional business.
In total, AAJI recorded a life insurance industry premium income of IDR185.39tn in 2024, 4.3% higher than in 2023. Meanwhile, premium income from conventional life insurance business grew by 3.5% y-o-y to IDR162.79tn in 2024. M