Indonesian Sharia Insurance Market Shows Promising Growth

Strategic Expansion by Major Players

The Indonesian sharia insurance sector is experiencing robust growth driven by strategic initiatives from major industry players. PT Asuransi Jiwa Manulife Indonesia Syariah (Manulife Syariah Indonesia) and PT Prudential Sharia Life Assurance (Prudential Syariah) are leading this growth through innovative strategies and expanded offerings.

Manulife Syariah's Performance and Plans

Manulife Syariah Indonesia has demonstrated strong performance since its spin-off on December 1, 2024. The company has paid Rp248 billion in claims between December 2024 and October 2025 ²

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https://finansial.bisnis.com/read/20251222/215/1938215/hampir-setahun-spin-off-manulife-syariah-bayarkan-klaim-rp248-miliar

. This financial commitment underscores the company's dedication to its policyholders and reflects its growing market presence.

The company's underwriting income reached Rp534 billion, derived from various sources including tabarru' contributions, tanahud contributions, ujrah, and investment allocations. Consequently, Manulife Syariah's managed sharia assets grew to Rp1.69 trillion by October 2025 ²

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Manulife Syariah has also introduced several new products in 2025, including Manulife Perlindungan Syariah (Flexi), Proteksi Prima Berkah (PPB), and MiUltimate Healthcare Syariah (MiUHC Syariah). These products complement existing offerings such as Manulife Perlindungan Pendidikan Syariah (MPPS) and MiSmart Insurance Solution Syariah (MiSSION Syariah), creating a comprehensive portfolio of sharia-compliant protection and investment solutions ³

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Looking ahead to 2026, Manulife Syariah plans to focus on innovation and service excellence. The company aims to enhance its digital channels across the customer journey, from policy purchase to claims processing and post-sale services, while strengthening its marketing capacity and expanding its distribution network ³

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Prudential Syariah's Strategic Initiatives

Prudential Syariah is also implementing significant strategic measures to drive growth in 2026. The company plans to strengthen its agency distribution channel by expanding its sales force to 80,000 agents. Additionally, Prudential Syariah is committed to improving access to sharia-based insurance products through bancassurance channels, having established a partnership with Bank Syariah Indonesia, which boasts over 22 million customers ¹

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The company's strategy includes developing products and services centered around customer needs, thereby driving participant growth in relevant segments. This customer-centric approach is expected to enhance Prudential Syariah's market position in the competitive Indonesian insurance landscape.

Industry Outlook

The positive developments in Manulife Syariah and Prudential Syariah reflect broader trends in Indonesia's sharia insurance market. The growth of sharia-compliant financial products aligns with increasing consumer demand for ethical and religiously compliant financial services. As these major players continue to innovate and expand their offerings, the overall sharia insurance sector is likely to see sustained growth and deeper penetration into the Indonesian market.