Jens Reisch, CEO of Allianz Life Indonesia, together with Kiswati Soeryoko, Head of Takaful Business of Allianz Life Indonesia, received the prize out of the hands of Adiwarman Karim, CEO of Karim Business Consulting, the leading Takaful business consulting firm in Indonesia.
Allianz Indonesia awarded best Islamic life insurer
"We are happy and proud to receive this award. It shows that our sharia business is not only profitable, but also recognized with an outstanding and solid financial performance. This award strengthens Allianz's position as the first choice for our customers, business partners and employees," said Jens Reisch at the ceremony.
Allianz Life Sharia received highest marks in three of six categories: Underwriting Surplus-Assets ratio, Investment Income-Total Investment ratio and Underwriting Surplus-Premium ratio, with a total score of 984 out of 1,000.
Jens Reisch: "This award strengthens our position as the first choice for customers, business partners and employees"
A high demand for flexible takaful-based insurance solutions
Allianz started Takaful business in Indonesia in April 2006. Since then, the company has sold more than 15,000 policies, clearly exceeding all targets. Kiswati Soeryoko added: "We have started a very sound business, as the strong financials of our business show. However, for us it is more important to be able to serve a wider market in Indonesia with best-in-class services. We understand that there is a high demand for flexible yet comprehensive takaful-based insurance solutions."
Apart from Indonesia, Allianz is also offering takaful-based insurance products in North Africa and the Middle East. Furthermore and in order to respond to the needs and market potential in Islamic countries Allianz Global Investors launched two Sharia-compliant funds in May 2008, specifically designed for clients in the Middle East.
About Takaful insurance
Takaful (joint guarantee) respects that Islamic Law (Sharia) prohibits traditional insurance which Sharia regards as a bet. With Takaful insurance, a community of insured parties pays into a fund, which then aids each member in case of a loss. The insurance company only receives a set fee for managing the risk pool, and a share of the money invested according to the rules of the Koran.
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