Executive Summary

Key insights and market outlook

The Indonesian financial sector showed mixed performance across various segments in late 2025. Non-commercial insurance assets contracted 0.23% YoY to Rp222.84 trillion ¹

while pension fund assets surged 10.72% to Rp1,662.16 trillion ⁵. The guarantee service fee income for Jamkrida Kaltim grew 51.55% to Rp27.5 billion ². Islamic multifinance financing receivables increased 14.50% to Rp30.44 trillion ⁶.

Full Analysis

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Deep Dive Analysis

Indonesian Financial Sector Performance: Late 2025 Review

Mixed Results Across Financial Segments

The Indonesian financial sector demonstrated varied performance across different segments in late 2025. The non-commercial insurance sector recorded a total asset value of Rp222.84 trillion as of November 2025, representing a 0.23% year-on-year contraction ¹

. Ogi Prastomiyono, Head of Executive Supervisor for Insurance, Guarantee, and Pension Funds at OJK, attributed this category to include BPJS Kesehatan, BPJS Ketenagakerjaan, and various government employee insurance programs ¹.

Pension Fund Assets Show Strong Growth

Contrasting the insurance sector's performance, Indonesia's pension fund assets reached Rp1,662.16 trillion by November 2025, marking a significant 10.72% YoY growth ⁵

. The voluntary pension program recorded assets of Rp405.20 trillion (6.81% YoY growth), while mandatory pension programs showed stronger growth at Rp1,256.95 trillion (12.04% YoY) ⁵.

Guarantee and Islamic Finance Sector Developments

Guarantee Service Fee Growth

PT Jamkrida Kaltim reported a substantial 51.55% increase in guarantee service fee income to Rp27.5 billion in 2025 ²

. This growth was primarily attributed to increased guarantee volume, particularly in multiguna products or personal loans. The overall guarantee industry showed improvement, with the contraction in guarantee service fee income narrowing to 7.96% YoY by November 2025, compared to a 10.5% contraction in October 2025 ³.

Islamic Multifinance Growth

The Islamic multifinance sector demonstrated robust growth with financing receivables reaching Rp30.44 trillion by November 2025, representing a 14.50% YoY increase ⁶

. This growth trajectory indicates a strengthening of Islamic finance products in the Indonesian market.

Sector Outlook

The mixed performance across different financial segments suggests a complex economic environment in late 2025. While some areas like pension funds and Islamic finance showed strong growth, others like non-commercial insurance experienced contraction. The guarantee industry appears to be recovering gradually.

References