AXA Mandiri Sees Strong Growth in Micro Insurance Segment

Micro Insurance Premiums Surge 75%

AXA Mandiri has reported a significant 75% growth in its micro insurance segment by the end of September 2025 compared to the same period last year. This growth has been primarily driven by the increasing number of informal workers in Indonesia seeking financial protection. The company's strategy of offering affordable premium products starting at Rp25,000 per month has been instrumental in this achievement.

Collaboration with Bank Mandiri's Laku Pandai Agents

Theodores Tangke, Chief Customer, Marketing & Product Officer at AXA Mandiri, attributed the success to the company's collaboration with Bank Mandiri's Laku Pandari agents. This partnership has enabled AXA Mandiri to reach a wider audience, particularly in areas that were previously underserved. The approach, which combines community-based outreach with digital technology, has proven effective in making financial protection more accessible and understandable to the broader population.

Addressing the Needs of Informal Workers

The growth in micro insurance premiums is particularly significant given that informal workers still dominate Indonesia's labor market. According to the Central Statistics Agency (BPS), informal workers make up 57.80% of the workforce. AXA Mandiri has capitalized on this opportunity by designing products tailored to the needs of informal workers, such as Asuransi Mandiri Mikro Jiwa Terlindungi (Si Jitu) and Asuransi Mandiri Mikro Sejahtera.

Positive Outlook for 2025

AXA Mandiri remains optimistic about its premium income growth for the remainder of 2025, particularly in the retail and micro segments. The company is focusing on expanding access to its products and enhancing financial literacy in underserved regions. Additionally, AXA Mandiri is working closely with Bank Mandiri to target corporate clients and grow its group insurance business, which saw a 34% YoY increase to Rp738 billion by September 2025.

Group Insurance Premiums Also Show Strong Growth

AXA Mandiri's group insurance premiums have also demonstrated robust growth, rising by 34% year-on-year to Rp738 billion by the end of September 2025, compared to Rp500 billion in the same period the previous year. This segment contributed 10% to the company's total premium income, highlighting the diversified growth across both individual and group insurance products.