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Abstract
Introduction
The role of Islamic life insurance in addressing financial risks and promoting sustainable growth is increasingly important, particularly in Muslim-majority countries like Indonesia. Understanding the financial determinants of profitability in this sector provides critical insights into its operations and resilience.
Objectives
This study examines the impact of investment returns, risk-based capital, and underwriting results on the profitability of PT Takaful Keluarga. It aims to evaluate both individual and combined effects of these financial variables and analyze their role during economic disruptions, such as the COVID-19 pandemic.
Method
The study employs a quantitative approach, utilizing multiple linear regression analysis on quarterly financial data from 2017 to 2024. The analysis focuses on the interplay of key financial variables and their influence on net profit, providing a comprehensive view of profitability determinants in Islamic life insurance.
Results
Investment returns were found to significantly and positively affect profitability, highlighting the importance of effective asset management. Risk-based capital and underwriting results showed limited individual impacts but contributed significantly in combination with investment returns. The findings also underscore the company’s resilience, with profitability rebounding in the post-pandemic period.
Implications
The results emphasize the need for integrated financial strategies that align investment, solvency, and risk management practices. These findings offer actionable insights for practitioners and policymakers aiming to optimize the financial performance of Islamic life insurance providers.
Originality/Novelty
This study contributes to the understanding of financial dynamics in Islamic life insurance by addressing the interdependence of key financial variables and exploring their role in sustaining profitability under economic uncertainty.
Keywords
Article Details
Copyright (c) 2024 Sitti Annisa Haerani, Nur Kholis
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Banerjee, S., & Savitha, B. (2021). Competition reduces profitability: The case of the Indian life microinsurance industry. The Geneva Papers on Risk and Insurance - Issues and Practice, 46(3), 383–398. https://doi.org/10.1057/s41288-020-00203-5
Ben, R. (2024). Impact of financial regulations on insurance company profitability in Morocco. Journal of Statistics and Actuarial Research, 8(2), 21–31. https://doi.org/10.47604/jsar.2759
BenSaid, Y. R. (2023). Shariah governance and takaful financial performance: The case of listed takaful insurances. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-09-2022-0236
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Cahya, B. T., Habibah, M., Restuti, D. P., Hanifah, U., & Jannah, U. (2023). Laba asuransi jiwa syariah ditinjau dari beban klaim, hasil investasi, underwriting, dan inflasi [Islamic life insurance profit in terms of claim expense, investment return, underwriting, and inflation]. AKTSAR: Jurnal Akuntansi Syariah, 6(1), 90–103. https://doi.org/10.21043/aktsar.v6i1.21222
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Daly, S., & Frikha, M. (2016). Islamic finance: Basic principles and contributions in financing economic. Journal of the Knowledge Economy, 7(2), 496–512. https://doi.org/10.1007/s13132-014-0222-7
Eldaia, M., Hanefah, M., & Marzuki, A. (2023). Moderating role of Shariah committee quality on relationship between board of directors effectiveness and the performance of Malaysian Takaful. Competitiveness Review: An International Business Journal, 33(1), 62–84. https://doi.org/10.1108/CR-09-2021-0123
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Hassan, H. A., & Abbas, S. K. (2019). Factors influencing the investors’ intention to adopt Takaful (Islamic insurance) products: A survey of Pakistan. Journal of Islamic Marketing, 11(1), 1–13. https://doi.org/10.1108/JIMA-03-2018-0064
Hemrit, W. (2020). Determinants driving Takaful and cooperative insurance financial performance in Saudi Arabia. Journal of Accounting & Organizational Change, 16(1), 123–143. https://doi.org/10.1108/JAOC-03-2019-0039
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