Risk-Based Capital, Premium Income, and Financial Performance Effects on Indonesian Insurers’ Profitability
Pengaruh Risk-Based Capital, Pendapatan Premi, dan Kinerja Keuangan terhadap Profitabilitas Perusahaan Asuransi di Indonesia
Keywords:
Risk-Based Capital, Premium Income, Comparative Financial Performance,, Loss Ratio, Profitability
Abstract
This study aims to analyze the effect of Risk Based Capital (RBC), premium income, and Comparative Financial Performance (CFP) proxied by the loss ratio on the profitability of insurance companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research employs a quantitative approach using panel data regression analysis. The estimation model applied in this study is the Common Effect Model (CEM), selected based on model selection procedures. The data used are secondary data obtained from the annual financial statements of insurance companies. The results indicate that partially, RBC has a significant effect on profitability, premium income does not have a significant effect on profitability, andCFP, measured by the loss ratio, has a significant effect on profitability. Simultaneously, RBC, premium income, and CFP jointly have a significant effect on profitability. The Adjusted R-squared value suggests that the model’s explanatory power is relatively limited, indicating that other factors outside the model also influence the profitability of insurance companies. These findings imply that the profitability of insurance companies is not solely determined by premium income but is also influenced by capital adequacy management and claims risk control. Therefore, insurance companies are encouraged to strengthen risk management practices and operational efficiency in order to enhance sustainable financial performance.
References
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Elema, B. D., Matanda, J., & Roche, C. (2024). AGENCY COSTS AND FINANCIAL PERFORMANCE OF. International Academic Journal of Economics and Finance, 4(2), 90–103.
Eling, M., & Lehmann, M. (2018). The Impact of Digitalization on the Insurance Value Chain and the Insurability of Risks. 359–396.
Fadli, C. W. K., Sulistyawati, A., Listiyanti, R., & Hermuningsih, S. (2023). COMPARATIVE ANALYSIS OF THE FINANCIAL STATEMENTS BASED ON PROFITABILITY AND SOLVENCY RATIO. 1(6), 821–834.
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Febrianty, F., Annisa, M. L., Pratiwi, Y. N., Putri, T., Utami, P., & Lestari, E. (2022). Pelatihan dan Pendampingan Pengelolaan Keuangan Usaha dan Pemanfaatan Aplikasi Akuntansi UKM. Yumary: Jurnal Pengabdian Kepada Masyarakat, 2(4), 229–237.
Febrianty, F., Sudirman, A., Rahman, M. R. R., Jusuf, D. I., Merung, Y. A., Satriawan, D. G., Ramaditya, M., Mulyono, S., Hartini, H., Irwansyah, R., & others. (2020). PENGANTAR BISNIS (Sebuah Tinjauan Konseptual dan Praktis).
Febrianty, F., & Syafitri, A. (2022). Financial Performance Analysis Using the Economic Value Added Method in the Food and Beverage Sub-Sector Listed on the Indonesia Stock Exchange. International Journal of Multidisciplinary Sciences and Arts, 1(1), 16–34.
Febrianty, F., & Wulandari, W. (2018). Kinerja Keuangan Perusahaan Property dan Real Estate di BEI Selama Periode 2012-2016 yang Termasuk di Indeks LQ45 (Studi pada Perusahaan yang Termasuk Pemeringkatan Indeks LQ45 Periode Februari 2017-Juli 2017). Jurnal Manajemen Dan Bisnis Sriwijaya, 15(1), 1–12.
Fitriyah, L., & Kudus, I. (2024). Premium Income , Underwriting Results , Claim Expenses , dan GDP terhadap Laba Perusahaan Asuransi Syariah. 2(4), 467–481.
Fridson, M. S., & Alvarez, F. (2022). Financial Statement Analysis: A Practitioner’s Guide, 5th Edition.
Gracia, S. (2025). Aset Industri Asuransi Tembus Rp1.163 Triliun per Mei 2025, RBC Masih Solid.
Hasan, J., & Tampubolon, L. D. (2025). PENGARUH PENDAPATAN PREMI, DAN ASET INVESTASI TERHADAP PROFITABILITAS SERTA IMPLIKASINYA TERHADAP TINGKAT SOLVABILITAS BERBASIS RISIKO PADA PERUSAHAAN ASURANSI JIWA. 6(1), 130–146.
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Khandelwal, V., Tripathi, P., Chotia, V., Srivastava, M., & Sharma, P. (2023). Examining the Impact of Agency Issues on Corporate Performance : A Bibliometric Analysis. Journal of Risk and Financial Management.
Kholilul Rohman, I., Serpina, N., Melati, R., & Saidah, Y. (2025). Economic Bulletin – Issue 48 RBC Regime di Beberapa Negara Asia Background Perspective of Risk-Based Capital ( RBC ) Risk Based Capital in a Glance. 48.
Kholis, N., & Afifah, Y. N. (2022). Measuring Financial Efficiency of Insurance Company in Indonesia Using Stochastic Frontier Analysis Approach: A Comparison Between Islamic and Conventional Insurances. Journal of Islamic Economics Lariba, 8, 196–212. https://doi.org/10.20885/jielariba.vol8.iss1.art12
Lubis, R. S., Lubis, F. A., & Inayah, N. (2023). Pengaruh Pendapatan Premi , Beban Klaim Dan Hasil Underwriting Terhadap Pertumbuhan Laba Pada PT Asuransi Sinar Mas. 1(4).
Maharani, L. S., & Purwanto, E. N. (2024). The Effect of Premium Income and Risk-Based Capital (RBC) on Profitabilty of Life Insurance Company in Indonesia 2019 – 2023. 04(02), 115–129.
Manggarini, E. P. (2023). ANALISIS RASIO RISK-BASED CAPITAL SEBAGAI PREDIKSI FINANCIAL DISTRESS PADA PERUSAHAAN ASURANSI JIWA DI INDONESIA Ellen Putri Manggarini Halaman 109-124. 6(2).
Melania, E. T., & Firdaus, V. F. (2025). Analisis Pengaruh Pendapatan Premi, Beban Klaim, Hasil Investasi Terhadap Kinerja Dan Laba Perusahaan Asuransi ( Studi Kasus Perusahaan Asuransi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2019-2023 ). 8(3), 582–590.
Muthmainnah, A. (2025). Analisis faktor-faktor yang mempengaruhi profitabilitas perusahaan asuransi syariah di indonesia. Universitas Sriwijaya.
Nasution, K., Rahmani, N. A. B., & Atika, A. (2022). Analisis Pengaruh Risk Based Capital Terhadap Profitabilitas Pada Perusahaan Asuransi Unit Syariah Yang Terdaftar Di Otoritas Jasa Keuangan.
Panisa, & Zainarti. (2025). Peran asuransi syariah pada perekonomian indonesia. Panisa, Zainarti, 3(2), 95–101.
Parshotambhai, P. N., & Patel, M. (2025). COMPARATIVE ANALYSIS OF FINANCIAL PERFORMANCE. May, 245–249.
Rafif, K., Achsani, N. A., Arsyanti, L. D., & Syzdykov, A. (2025). DETERMINANTS OF SOLVENCY AND PERFORMANCE IN INSURANCE : ROLE OF RISK-BASED CAPITAL IN STABILITY. 11(1), 317–327.
Raissa, A., Yusuf, N., & Taruh, V. (2025). Economics and Digital Business Review Analisis Kinerja Keuangan Perusahaan Asuransi yang Terdaftar di Bursa Efek Indonesia Menggunakan Rasio Early Warning System dan CAGR. 6(2).
Sari, J. L., Marlina, R., & Farhana, S. E. (2025). PENGARUH LOSS RATIO , PERTUMBUHAN PREMI NETO , TOTAL ASET TURNOVER TERHADAP RISK BASED CAPITAL. BanKu: Jurnal Perbankan Dan Keuangan, 6(Agustus), 137–147.
Setyaningsih, R., Zanaria, Y., & Septiani, A. (2021). UNDERWRITING DAN RISK BASED CAPITAL TERHADAP PROFITABILITAS PERUSAHAAN ASURANSI ( STUDY EMPIRIS PADA PERUSAHAAN ASURANSI YANG TERDAFTAR DI BURSA EFEK. 2(1), 95–103.
Steviani, S. (2022). Pengaruh Risk Based Capital , Premi Neto , Dan Likuiditas Terhadap Profitabilitas Perusahaan Asuransi Jiwa. 7(2).
Tiansyah, A., & Rahmawati, I. (2025). STUDI EVALUATIF ATAS KINERJA KEUANGAN PERUSAHAAN ASURANSI PT LIPPO GENERAL INSURANCE TBK DENGAN PENDEKATAN EARLY WARNING SYSTEM. 14(8), 629–645.
Wongsuwatt, S., Thaothampitak, W., Kongjam, N., Ruttanapibool, J., Apacuppakul, R., & Koedkaeo, T. (2021). The Influence of Loss Ratio on Profitability of Non - Life Insurance Companies in Thailand : The Moderating Roles of Company Type. Journal of Community Development Research (Humanities and Social Sciences), 14(1), 46–60.
Yana, P., Muchlian, M., & Arsita, S. (2022). Analisis pengaruh pendapatan premi, beban klaim dan hasil investasi terhadap laba pt asuransi wahana tata. 1(1), 12–19.
Courbage, C., Nicolas, C., Janzen, S. A., Carter, M. R., Ikegami, M., Crocker, K. J., Zhu, N., Mccarthy, D., Zewde, N., Guber, R., Kocher, M. G., Winter, J., Denuit, M., & Lu, Y. (2021). Systemic risk and the U.S. insurance sector. JOURNAL OF RISK AND INSURANCE, 88(2). https://doi.org/10.1111/jori.12315
Dharmawati, N. F., & Akhirruddin, A. (2024). Analisis Pengaruh Risk Based Capital , Profitabilitas dan Likuiditas Terhadap Financial Distress : Studi Kasus Perusahaan Asuransi di Bursa Efek Indonesia Tahun 2018 -2022. 5(6), 3730–3746.
Elema, B. D., Matanda, J., & Roche, C. (2024). AGENCY COSTS AND FINANCIAL PERFORMANCE OF. International Academic Journal of Economics and Finance, 4(2), 90–103.
Eling, M., & Lehmann, M. (2018). The Impact of Digitalization on the Insurance Value Chain and the Insurability of Risks. 359–396.
Fadli, C. W. K., Sulistyawati, A., Listiyanti, R., & Hermuningsih, S. (2023). COMPARATIVE ANALYSIS OF THE FINANCIAL STATEMENTS BASED ON PROFITABILITY AND SOLVENCY RATIO. 1(6), 821–834.
Febrianty, F. (2017). Pengaruh Rasio Keuangan Terhadap Pertumbuhan Laba Perusahaan Perbankan. Eksis: Jurnal Riset Ekonomi Dan Bisnis, 12(2), 109–125.
Febrianty, F., Annisa, M. L., Pratiwi, Y. N., Putri, T., Utami, P., & Lestari, E. (2022). Pelatihan dan Pendampingan Pengelolaan Keuangan Usaha dan Pemanfaatan Aplikasi Akuntansi UKM. Yumary: Jurnal Pengabdian Kepada Masyarakat, 2(4), 229–237.
Febrianty, F., Sudirman, A., Rahman, M. R. R., Jusuf, D. I., Merung, Y. A., Satriawan, D. G., Ramaditya, M., Mulyono, S., Hartini, H., Irwansyah, R., & others. (2020). PENGANTAR BISNIS (Sebuah Tinjauan Konseptual dan Praktis).
Febrianty, F., & Syafitri, A. (2022). Financial Performance Analysis Using the Economic Value Added Method in the Food and Beverage Sub-Sector Listed on the Indonesia Stock Exchange. International Journal of Multidisciplinary Sciences and Arts, 1(1), 16–34.
Febrianty, F., & Wulandari, W. (2018). Kinerja Keuangan Perusahaan Property dan Real Estate di BEI Selama Periode 2012-2016 yang Termasuk di Indeks LQ45 (Studi pada Perusahaan yang Termasuk Pemeringkatan Indeks LQ45 Periode Februari 2017-Juli 2017). Jurnal Manajemen Dan Bisnis Sriwijaya, 15(1), 1–12.
Fitriyah, L., & Kudus, I. (2024). Premium Income , Underwriting Results , Claim Expenses , dan GDP terhadap Laba Perusahaan Asuransi Syariah. 2(4), 467–481.
Fridson, M. S., & Alvarez, F. (2022). Financial Statement Analysis: A Practitioner’s Guide, 5th Edition.
Gracia, S. (2025). Aset Industri Asuransi Tembus Rp1.163 Triliun per Mei 2025, RBC Masih Solid.
Hasan, J., & Tampubolon, L. D. (2025). PENGARUH PENDAPATAN PREMI, DAN ASET INVESTASI TERHADAP PROFITABILITAS SERTA IMPLIKASINYA TERHADAP TINGKAT SOLVABILITAS BERBASIS RISIKO PADA PERUSAHAAN ASURANSI JIWA. 6(1), 130–146.
Hidayat, S. (2025). Pendapatan Premi , Risk Based Capital dan Laba Perusahaan: Studi pada Perusahaan Asuransi yang Terdaftar pada Bursa Efek Indonesia. Insan Cita Bongaya Research Journal, 4(2), 118–125.
Indriyantini, D. F., & Karnasi, R. (2025). Faktor-Faktor yang Mempengaruhi Profitabilitas pada Perusahaan Asuransi Umum di Indonesia. J-CEKI : Jurnal Cendekia Ilmiah, 4(4), 1921–1936.
Khandelwal, V., Tripathi, P., Chotia, V., Srivastava, M., & Sharma, P. (2023). Examining the Impact of Agency Issues on Corporate Performance : A Bibliometric Analysis. Journal of Risk and Financial Management.
Kholilul Rohman, I., Serpina, N., Melati, R., & Saidah, Y. (2025). Economic Bulletin – Issue 48 RBC Regime di Beberapa Negara Asia Background Perspective of Risk-Based Capital ( RBC ) Risk Based Capital in a Glance. 48.
Kholis, N., & Afifah, Y. N. (2022). Measuring Financial Efficiency of Insurance Company in Indonesia Using Stochastic Frontier Analysis Approach: A Comparison Between Islamic and Conventional Insurances. Journal of Islamic Economics Lariba, 8, 196–212. https://doi.org/10.20885/jielariba.vol8.iss1.art12
Lubis, R. S., Lubis, F. A., & Inayah, N. (2023). Pengaruh Pendapatan Premi , Beban Klaim Dan Hasil Underwriting Terhadap Pertumbuhan Laba Pada PT Asuransi Sinar Mas. 1(4).
Maharani, L. S., & Purwanto, E. N. (2024). The Effect of Premium Income and Risk-Based Capital (RBC) on Profitabilty of Life Insurance Company in Indonesia 2019 – 2023. 04(02), 115–129.
Manggarini, E. P. (2023). ANALISIS RASIO RISK-BASED CAPITAL SEBAGAI PREDIKSI FINANCIAL DISTRESS PADA PERUSAHAAN ASURANSI JIWA DI INDONESIA Ellen Putri Manggarini Halaman 109-124. 6(2).
Melania, E. T., & Firdaus, V. F. (2025). Analisis Pengaruh Pendapatan Premi, Beban Klaim, Hasil Investasi Terhadap Kinerja Dan Laba Perusahaan Asuransi ( Studi Kasus Perusahaan Asuransi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2019-2023 ). 8(3), 582–590.
Muthmainnah, A. (2025). Analisis faktor-faktor yang mempengaruhi profitabilitas perusahaan asuransi syariah di indonesia. Universitas Sriwijaya.
Nasution, K., Rahmani, N. A. B., & Atika, A. (2022). Analisis Pengaruh Risk Based Capital Terhadap Profitabilitas Pada Perusahaan Asuransi Unit Syariah Yang Terdaftar Di Otoritas Jasa Keuangan.
Panisa, & Zainarti. (2025). Peran asuransi syariah pada perekonomian indonesia. Panisa, Zainarti, 3(2), 95–101.
Parshotambhai, P. N., & Patel, M. (2025). COMPARATIVE ANALYSIS OF FINANCIAL PERFORMANCE. May, 245–249.
Rafif, K., Achsani, N. A., Arsyanti, L. D., & Syzdykov, A. (2025). DETERMINANTS OF SOLVENCY AND PERFORMANCE IN INSURANCE : ROLE OF RISK-BASED CAPITAL IN STABILITY. 11(1), 317–327.
Raissa, A., Yusuf, N., & Taruh, V. (2025). Economics and Digital Business Review Analisis Kinerja Keuangan Perusahaan Asuransi yang Terdaftar di Bursa Efek Indonesia Menggunakan Rasio Early Warning System dan CAGR. 6(2).
Sari, J. L., Marlina, R., & Farhana, S. E. (2025). PENGARUH LOSS RATIO , PERTUMBUHAN PREMI NETO , TOTAL ASET TURNOVER TERHADAP RISK BASED CAPITAL. BanKu: Jurnal Perbankan Dan Keuangan, 6(Agustus), 137–147.
Setyaningsih, R., Zanaria, Y., & Septiani, A. (2021). UNDERWRITING DAN RISK BASED CAPITAL TERHADAP PROFITABILITAS PERUSAHAAN ASURANSI ( STUDY EMPIRIS PADA PERUSAHAAN ASURANSI YANG TERDAFTAR DI BURSA EFEK. 2(1), 95–103.
Steviani, S. (2022). Pengaruh Risk Based Capital , Premi Neto , Dan Likuiditas Terhadap Profitabilitas Perusahaan Asuransi Jiwa. 7(2).
Tiansyah, A., & Rahmawati, I. (2025). STUDI EVALUATIF ATAS KINERJA KEUANGAN PERUSAHAAN ASURANSI PT LIPPO GENERAL INSURANCE TBK DENGAN PENDEKATAN EARLY WARNING SYSTEM. 14(8), 629–645.
Wongsuwatt, S., Thaothampitak, W., Kongjam, N., Ruttanapibool, J., Apacuppakul, R., & Koedkaeo, T. (2021). The Influence of Loss Ratio on Profitability of Non - Life Insurance Companies in Thailand : The Moderating Roles of Company Type. Journal of Community Development Research (Humanities and Social Sciences), 14(1), 46–60.
Yana, P., Muchlian, M., & Arsita, S. (2022). Analisis pengaruh pendapatan premi, beban klaim dan hasil investasi terhadap laba pt asuransi wahana tata. 1(1), 12–19.
Published
2026-06-16
How to Cite
Suryani, S., Febriyanti, F., & Pratama, R. H. (2026). Risk-Based Capital, Premium Income, and Financial Performance Effects on Indonesian Insurers’ Profitability: Pengaruh Risk-Based Capital, Pendapatan Premi, dan Kinerja Keuangan terhadap Profitabilitas Perusahaan Asuransi di Indonesia. International Journal of Business and Quality Research, 4(02), 949-970. https://doi.org/10.63922/ijbqr.v4i02.3743
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