The Effect of the Underwriting Ratio, Premium Growth Ratio, and Risk-Based Capital on Profitability in Companies in the Insurance Subsector Listed on the Indonesia Stock Exchange for the Period 2020–2024
Keywords:
Insurance Companies, Premium Growth Ratio, Profitability, Risk Based Capital (RBC), Underwriting Ratio
Abstract
Profitability is an important indicator that reflects an insurance company's ability to generate profits and maintain its business sustainability. The profitability of insurance sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period showed fluctuating conditions, while previous studies on the effect of the underwriting ratio, premium growth ratio, and risk based capital on profitability still produced inconsistent results, indicating the need for further research. This study aims to analyze the effect of the underwriting ratio, premium growth ratio, and risk based capital on profitability, proxied by Return on Assets (ROA). This study employed a quantitative method with a descriptive research design. The sample was selected using a purposive sampling technique, resulting in 16 insurance sub-sector companies with a total of 80 observations over a five-year period. The data were analyzed using panel data regression with the Fixed Effect Model through EViews 13 software. The results indicate that the underwriting ratio, premium growth ratio, and risk based capital simultaneously have a significant effect on profitability. Partially, the underwriting ratio has a positive and significant effect on profitability, while the premium growth ratio and risk based capital have no significant effect. The adjusted R-squared value of 0.502762 indicates that the three independent variables explain 50.3% of the variation in profitability, while the remaining 49.7% is explained by other variables outside the research model. This study implies that the effectiveness of underwriting activities is an important factor that insurance companies should consider to improve profitability.
Downloads
Download data is not yet available.
References
Aminah, W., Fahlevi, A. R., & Zalfadiva, D. S. (2023). Determinan Nilai Perusahaan: Likuiditas, Profitabilitas, dan Ukuran Perusahaan. Jurnal E-Bis: Ekonomi-Bisnis, 7(2), 693–704. https://doi.org/10.37339/e-bis.v7i2.1342
Amosh, H. Al, & Khatib, S. F. A. (2022). Theories of Corporate Disclosure: A Literature Review. Corporate Governance and Sustainability Review, 6(1), 46–59. https://doi.org/10.22495/cgsrv6i1p5
Anggraini, M., Wulandari, Maranata, B. H., & Dewi, F. T. S. (2022). Pengaruh Rasio Pertumbuhan Premi dan Rasio Beban Klaim terhadap Tingkat Kesehatan Perusahaan Asuransi di Masa Pandemi Covid-19. Jurnal Applied Research in Management and Business, 2(1), 1–8. https://doi.org/10.53416/arimbi.v2i1.76
Anita, & Kusumaningtias, R. (2024). Pengaruh Risk Based Capital, Premium Growth Ratio, dan Beban Klaim terhadap Profitabilitas pada Asuransi Jiwa Syariah. Edunomika, 8(2), 1–11.
Arum, H. N., Nazar, M. R., & Aminah, W. (2017). Profitabilitas, Ukuran Perusahaan, dan Nilai Perusahaan terhadap Praktik Perataan Laba. Jurnal Riset Akuntansi, 9(2), 71–78. https://doi.org/10.23969/jrak.v9i2.581
Bafera, J., & Kleinert, S. (2023). Signaling Theory in Entrepreneurship Research: A Systematic Review and Research Agenda. Entrepreneurship Theory and Practice, 47(6), 2419–2464. https://doi.org/10.1177/10422587221138489
Basuki, A. T. (2021). Analisis Data Panel dalam Penelitian Ekonomi dan Bisnis: Dilengkapi dengan Penggunaan EViews (1st ed.). Danisa Media.
Basuki, A. T., & Prawoto, N. (2018). Analisis Regresi dalam Penelitian Ekonomi dan Bisnis (1st ed.). Rajawali Pers.
CNBC Indonesia. (2024). Makin Anjlok, Laba Asuransi Oona & ABDA Merosot Nyaris 50% Awal 2024. https://www.cnbcindonesia.com/market/20240607134623-17-544756/
Ester, Toni, N., Teng, S. H., & Hutagalung, G. (2022). The Effect of Profitability on Financial Performance. International Journal of Social Science Research and Review, 5(9), 242–255. https://doi.org/10.47814/ijssrr.v5i9.436
Fayunada, Y., Basrowi, Pandriyani, Y. K., Atoillah, Lisa, Masitoh, I., … Dustein, S. C. (2024). The Influence of Insurance Company Health, Premium Growth, Claim Burden, and Underwriting on Profitability of Insurance Companies in Indonesia. Southeast Asian Journal of Science and Technology, 9(1), 172–176.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 (9th ed.). Badan Penerbit Universitas Diponegoro.
Ghozali, I. (2021). Aplikasi Analisis Multivariate dengan Program IBM SPSS 26. Universitas Diponegoro.
Haerani, S. A., & Kholis, N. (2024). Effect of Investment Returns, Risk-Based Capital, and Underwriting Results on the Profit of Islamic Life Insurance Company. Journal of Islamic Economics Lariba, 10(2), 1115–1142.
Haryanto, B., & Syarif, A. D. (2024). The Effect of Financial Performance on the Profitability of General Insurance Companies Listed on the Indonesia Stock Exchange (IDX) for the Period 2016-2022. Journal of Economics, Finance and Management Studies, 7(8), 4829–4833. https://doi.org/10.47191/jefms/v7-i8-05
Hapsari, D. W., Budiharjo, R., Pratomo, D., & Yazid, H. (2025). Profitability in Linking Governance Structure and Firm Value. Jurnal Akuntansi, 29(2), 206–224. https://doi.org/10.24912/ja.v29i2.2421
Hidayat, N. I. A., Susanti, S., & Zulaihari, S. (2021). Pengaruh Premi, Hasil Investasi dan Risk Based Capital terhadap Laba Perusahaan Asuransi Syariah Indonesia 2019. Jurnal Akuntansi, Keuangan, dan Manajemen, 2(4), 327–344.
Kalbuana, N., Kusiyah, K., Supriatiningsih, S., Budiharjo, R., Budyastuti, T., & Rusdiyanto, R. (2022). Effect of Profitability, Audit Committee, Company Size, Activity, and Board of Directors on Sustainability. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2129354
Martana, I. N. A., & Karim, N. K. (2024). Pengaruh Underwriting Ratio, Premium Stability Ratio dan Risk Based Capital terhadap Kinerja Keuangan Pada Perusahaan Asuransi Yang Terdaftar di BEI Periode 2018-2022. Jurnal Riset Mahasiswa Akuntansi, 4(1), 144–158. https://doi.org/10.29303/risma.v4i1.1017
Morara, K., & Sibindi, A. B. (2021). Determinants of Financial Performance of Insurance Companies: Empirical Evidence Using Kenyan Data. Journal of Risk and Financial Management, 14(566), 1–13. https://doi.org/10.3390/jrfm14120566
Nasution, Z., Adiba, E. M., & Abdulrahim, M. O. (2019). Comparison Analysis of Risk-Based Capital (RBC) Performance and Its Effect on Islamic Insurance Profitability in Indonesia and Malaysia. Journal of Islamic Economics, 3(2), 149–160. https://doi.org/10.26740/al-uqud.v3n2.p149-160
Nirawati, L., Samsudin, A., Stifanie, A., Setianingrum, M. D., Syahputra, M. R., Khrisnawati, N. N., & Saputri, Y. A. (2022). Profitabilitas dalam Perusahaan. Journal Manajemen dan Bisnis, 5(1), 60–68.
Nuhin, M. A. F., & Suprayogi, N. (2022). The Effect of Management Performance, Efficiency, Underwriting Performance and Liquidity on the Profitability of Sharia Insurance Companies in Indonesia for 2015-2019. Jurnal Ekonomi Syariah Teori dan Terapan, 9(5), 628–642. https://doi.org/10.20473/vol9iss20225pp628-642
Nusantara, A., & Priantinah, D. (2021). The Effect of Premium Growth, Leverage, and Risk-Based Capital on the Profitability of Insurance Companies. Kajian Ilmu Akuntansi, 9(3).
Opoku, E. K., Marfo-Yiadom, E., Gubareva, M., & Mendes, J. Z. (2024). Unveiling Dynamics: Financial Performance Determinants in the Ghanaian Insurance Industry. Quarterly Review of Economics and Finance, 98, 1–11. https://doi.org/10.1016/j.qref.2024.101935
Pandiangan, D. F., & Albina, M. (2025). Model dan Tahapan Penelitian Kuantitatif: Pendekatan Teoretis dan Praktis dalam Kajian Pendidikan. Jurnal Pendidikan Islam, 3, 724–730. https://doi.org/10.61104/ihsan.v3i3.1494
Ramadhan, M. F., Widyaningsih, A., & Rozali, R. D. Y. (2025). Dampak Sustainability Reporting terhadap Kinerja Perusahaan: A Systematic Literature Review. Jurnal Riset Akuntansi Politala, 8(2), 342–357.
Sekaran, U., & Bougie, R. (2020). Research Methods for Business: A Skill-Building Approach (8th ed.). Wiley.
Setiawan, A., Irawan, T., & Sasongko, H. (2019). Karakteristik Kesehatan Perusahaan di Industri Asuransi Umum Indonesia. Jurnal Ilmiah Manajemen Fakultas Ekonomi, 5(2), 135–150.
Sinambela, L. P., & Sinambela, S. (2021). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Rajawali Pers.
Stephanie, F. G., & Ruslim, H. (2021). Pengaruh Rasio Keuangan terhadap Kinerja Keuangan Perusahaan Asuransi. Jurnal Kontemporer Akuntansi, 1(2), 68–77.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (2nd ed.). Alfabeta.
Susanti, A., & Muntiah, N. S. (2024). Analisis Kinerja Keuangan Menggunakan Rasio Early Warning System pada Perusahaan Sub Sektor Asuransi. Jurnal Ekonomi, Manajemen dan Akuntansi, 8(2), 142–156.
Swiss Re Institute. (2024). World Insurance: Strengthening Global Resilience with a New Lease of Life (Sigma 3/2024). https://www.swissre.com/institute/research/sigma-research/
Tarsono, O., Ardheta, P. A., & Amriyani, R. (2020). The Influence of Net Premium Growth, Claim Ratio and Risk-Based Capital on the Financial Performance of Life Insurance Companies. Advances in Economics, Business and Management Research, 127, 65–68.
Vensca, S. N., Mas'adah, N., & Astuti, S. Y. (2024). Can Financial Ratios Affect Profit Growth in Food and Beverage Companies? Journal Ilmu Akuntansi dan Bisnis Syariah, 6(2), 270–289.
Wahyono, Nurochim, & Palupi, I. D. (2021). The Effect of Premium Income, Claim Payment, Risk-Based Capital, Investment Return, and Underwriting Result on the Profits of Insurance Companies Listed on the Indonesia Stock Exchange for the 2015-2018 Period. Jurnal Riset Akuntansi dan Keuangan Indonesia, 6(2).
Wahyuni, Y., Ilham, R. N., Muttaqien, & Ristati. (2025). The Effect of Risk Based Capital, Claims Expense, and Premium Income on the Profit of Conventional Insurance Companies Listed on the Indonesia Stock Exchange in 2019–2023. Journal of Accounting Research, Utility Finance and Digital Assets, 1(1), 83–90.
Zinyoro, T., & Aziakpono, M. J. (2024). Performance Determinants of Non-Life Insurance Firms: A Systematic Review of the Literature. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2345045
Amosh, H. Al, & Khatib, S. F. A. (2022). Theories of Corporate Disclosure: A Literature Review. Corporate Governance and Sustainability Review, 6(1), 46–59. https://doi.org/10.22495/cgsrv6i1p5
Anggraini, M., Wulandari, Maranata, B. H., & Dewi, F. T. S. (2022). Pengaruh Rasio Pertumbuhan Premi dan Rasio Beban Klaim terhadap Tingkat Kesehatan Perusahaan Asuransi di Masa Pandemi Covid-19. Jurnal Applied Research in Management and Business, 2(1), 1–8. https://doi.org/10.53416/arimbi.v2i1.76
Anita, & Kusumaningtias, R. (2024). Pengaruh Risk Based Capital, Premium Growth Ratio, dan Beban Klaim terhadap Profitabilitas pada Asuransi Jiwa Syariah. Edunomika, 8(2), 1–11.
Arum, H. N., Nazar, M. R., & Aminah, W. (2017). Profitabilitas, Ukuran Perusahaan, dan Nilai Perusahaan terhadap Praktik Perataan Laba. Jurnal Riset Akuntansi, 9(2), 71–78. https://doi.org/10.23969/jrak.v9i2.581
Bafera, J., & Kleinert, S. (2023). Signaling Theory in Entrepreneurship Research: A Systematic Review and Research Agenda. Entrepreneurship Theory and Practice, 47(6), 2419–2464. https://doi.org/10.1177/10422587221138489
Basuki, A. T. (2021). Analisis Data Panel dalam Penelitian Ekonomi dan Bisnis: Dilengkapi dengan Penggunaan EViews (1st ed.). Danisa Media.
Basuki, A. T., & Prawoto, N. (2018). Analisis Regresi dalam Penelitian Ekonomi dan Bisnis (1st ed.). Rajawali Pers.
CNBC Indonesia. (2024). Makin Anjlok, Laba Asuransi Oona & ABDA Merosot Nyaris 50% Awal 2024. https://www.cnbcindonesia.com/market/20240607134623-17-544756/
Ester, Toni, N., Teng, S. H., & Hutagalung, G. (2022). The Effect of Profitability on Financial Performance. International Journal of Social Science Research and Review, 5(9), 242–255. https://doi.org/10.47814/ijssrr.v5i9.436
Fayunada, Y., Basrowi, Pandriyani, Y. K., Atoillah, Lisa, Masitoh, I., … Dustein, S. C. (2024). The Influence of Insurance Company Health, Premium Growth, Claim Burden, and Underwriting on Profitability of Insurance Companies in Indonesia. Southeast Asian Journal of Science and Technology, 9(1), 172–176.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 (9th ed.). Badan Penerbit Universitas Diponegoro.
Ghozali, I. (2021). Aplikasi Analisis Multivariate dengan Program IBM SPSS 26. Universitas Diponegoro.
Haerani, S. A., & Kholis, N. (2024). Effect of Investment Returns, Risk-Based Capital, and Underwriting Results on the Profit of Islamic Life Insurance Company. Journal of Islamic Economics Lariba, 10(2), 1115–1142.
Haryanto, B., & Syarif, A. D. (2024). The Effect of Financial Performance on the Profitability of General Insurance Companies Listed on the Indonesia Stock Exchange (IDX) for the Period 2016-2022. Journal of Economics, Finance and Management Studies, 7(8), 4829–4833. https://doi.org/10.47191/jefms/v7-i8-05
Hapsari, D. W., Budiharjo, R., Pratomo, D., & Yazid, H. (2025). Profitability in Linking Governance Structure and Firm Value. Jurnal Akuntansi, 29(2), 206–224. https://doi.org/10.24912/ja.v29i2.2421
Hidayat, N. I. A., Susanti, S., & Zulaihari, S. (2021). Pengaruh Premi, Hasil Investasi dan Risk Based Capital terhadap Laba Perusahaan Asuransi Syariah Indonesia 2019. Jurnal Akuntansi, Keuangan, dan Manajemen, 2(4), 327–344.
Kalbuana, N., Kusiyah, K., Supriatiningsih, S., Budiharjo, R., Budyastuti, T., & Rusdiyanto, R. (2022). Effect of Profitability, Audit Committee, Company Size, Activity, and Board of Directors on Sustainability. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2129354
Martana, I. N. A., & Karim, N. K. (2024). Pengaruh Underwriting Ratio, Premium Stability Ratio dan Risk Based Capital terhadap Kinerja Keuangan Pada Perusahaan Asuransi Yang Terdaftar di BEI Periode 2018-2022. Jurnal Riset Mahasiswa Akuntansi, 4(1), 144–158. https://doi.org/10.29303/risma.v4i1.1017
Morara, K., & Sibindi, A. B. (2021). Determinants of Financial Performance of Insurance Companies: Empirical Evidence Using Kenyan Data. Journal of Risk and Financial Management, 14(566), 1–13. https://doi.org/10.3390/jrfm14120566
Nasution, Z., Adiba, E. M., & Abdulrahim, M. O. (2019). Comparison Analysis of Risk-Based Capital (RBC) Performance and Its Effect on Islamic Insurance Profitability in Indonesia and Malaysia. Journal of Islamic Economics, 3(2), 149–160. https://doi.org/10.26740/al-uqud.v3n2.p149-160
Nirawati, L., Samsudin, A., Stifanie, A., Setianingrum, M. D., Syahputra, M. R., Khrisnawati, N. N., & Saputri, Y. A. (2022). Profitabilitas dalam Perusahaan. Journal Manajemen dan Bisnis, 5(1), 60–68.
Nuhin, M. A. F., & Suprayogi, N. (2022). The Effect of Management Performance, Efficiency, Underwriting Performance and Liquidity on the Profitability of Sharia Insurance Companies in Indonesia for 2015-2019. Jurnal Ekonomi Syariah Teori dan Terapan, 9(5), 628–642. https://doi.org/10.20473/vol9iss20225pp628-642
Nusantara, A., & Priantinah, D. (2021). The Effect of Premium Growth, Leverage, and Risk-Based Capital on the Profitability of Insurance Companies. Kajian Ilmu Akuntansi, 9(3).
Opoku, E. K., Marfo-Yiadom, E., Gubareva, M., & Mendes, J. Z. (2024). Unveiling Dynamics: Financial Performance Determinants in the Ghanaian Insurance Industry. Quarterly Review of Economics and Finance, 98, 1–11. https://doi.org/10.1016/j.qref.2024.101935
Pandiangan, D. F., & Albina, M. (2025). Model dan Tahapan Penelitian Kuantitatif: Pendekatan Teoretis dan Praktis dalam Kajian Pendidikan. Jurnal Pendidikan Islam, 3, 724–730. https://doi.org/10.61104/ihsan.v3i3.1494
Ramadhan, M. F., Widyaningsih, A., & Rozali, R. D. Y. (2025). Dampak Sustainability Reporting terhadap Kinerja Perusahaan: A Systematic Literature Review. Jurnal Riset Akuntansi Politala, 8(2), 342–357.
Sekaran, U., & Bougie, R. (2020). Research Methods for Business: A Skill-Building Approach (8th ed.). Wiley.
Setiawan, A., Irawan, T., & Sasongko, H. (2019). Karakteristik Kesehatan Perusahaan di Industri Asuransi Umum Indonesia. Jurnal Ilmiah Manajemen Fakultas Ekonomi, 5(2), 135–150.
Sinambela, L. P., & Sinambela, S. (2021). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Rajawali Pers.
Stephanie, F. G., & Ruslim, H. (2021). Pengaruh Rasio Keuangan terhadap Kinerja Keuangan Perusahaan Asuransi. Jurnal Kontemporer Akuntansi, 1(2), 68–77.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (2nd ed.). Alfabeta.
Susanti, A., & Muntiah, N. S. (2024). Analisis Kinerja Keuangan Menggunakan Rasio Early Warning System pada Perusahaan Sub Sektor Asuransi. Jurnal Ekonomi, Manajemen dan Akuntansi, 8(2), 142–156.
Swiss Re Institute. (2024). World Insurance: Strengthening Global Resilience with a New Lease of Life (Sigma 3/2024). https://www.swissre.com/institute/research/sigma-research/
Tarsono, O., Ardheta, P. A., & Amriyani, R. (2020). The Influence of Net Premium Growth, Claim Ratio and Risk-Based Capital on the Financial Performance of Life Insurance Companies. Advances in Economics, Business and Management Research, 127, 65–68.
Vensca, S. N., Mas'adah, N., & Astuti, S. Y. (2024). Can Financial Ratios Affect Profit Growth in Food and Beverage Companies? Journal Ilmu Akuntansi dan Bisnis Syariah, 6(2), 270–289.
Wahyono, Nurochim, & Palupi, I. D. (2021). The Effect of Premium Income, Claim Payment, Risk-Based Capital, Investment Return, and Underwriting Result on the Profits of Insurance Companies Listed on the Indonesia Stock Exchange for the 2015-2018 Period. Jurnal Riset Akuntansi dan Keuangan Indonesia, 6(2).
Wahyuni, Y., Ilham, R. N., Muttaqien, & Ristati. (2025). The Effect of Risk Based Capital, Claims Expense, and Premium Income on the Profit of Conventional Insurance Companies Listed on the Indonesia Stock Exchange in 2019–2023. Journal of Accounting Research, Utility Finance and Digital Assets, 1(1), 83–90.
Zinyoro, T., & Aziakpono, M. J. (2024). Performance Determinants of Non-Life Insurance Firms: A Systematic Review of the Literature. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2345045
Published
2026-10-26
How to Cite
Hanifah, T. M., & Aminah, W. (2026). The Effect of the Underwriting Ratio, Premium Growth Ratio, and Risk-Based Capital on Profitability in Companies in the Insurance Subsector Listed on the Indonesia Stock Exchange for the Period 2020–2024. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 9(2), 14742-14756. https://doi.org/10.31538/iijse.v9i2.10946
Section
Articles
Copyright (c) 2026 Tiara Maharani Hanifah, Wiwin Aminah
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
