Targeting the Largest Muslim Market, AXA Sharia Life Officially Begins Operations

JAKARTA, KOMPAS.com - PT AXA Financial Indonesia has officially separated its sharia business by establishing PT AXA Sharia Life Insurance.

This spin-off of the sharia business unit (UUS) was conducted in accordance with POJK Regulation Number 11 of 2023 concerning the Separation of Sharia Units of Insurance Companies and Reinsurance Companies.

President Director of AXA Financial Indonesia, Niharika Yadav, stated that as the country with the largest Muslim population in the world, Indonesia holds a strategic position to become a key driver of global sharia economic development.

She noted the growing public awareness of the importance of financial protection through insurance that aligns with their values and needs.

"Through AXA Sharia Life Insurance, we want to offer more than just protection solutions. We aim to be a trusted protection partner for the people of Indonesia," she said in a written statement on Friday (18/9/2026).

President Director of AXA Sharia Life Insurance, Bukit Rahardjo, added that AXA Sharia Life Insurance was launched with a clear goal: to place stronger focus on society's needs for protection solutions based on sharia principles.

"As an independent entity, we can concentrate more on developing relevant solutions, distribution, services, and partnerships that suit the characteristics and demands of Indonesia's sharia market," he explained.

He hopes to build a healthy and sustainable sharia business and become part of the growth of Indonesia's sharia economic ecosystem.

AXA Sharia Life Insurance has obtained its insurance business license from the Financial Services Authority (Otoritas Jasa Keuangan/OJK) under Decree Number KEP-76/D.05/2026 dated September 8, 2026.

The establishment of AXA Sharia Life Insurance marks a new chapter in AXA's journey in Indonesia to support the development of the national sharia economy and finance.

According to data from the Financial Services Authority (OJK), insurance penetration in Indonesia was 2.27 percent in 2022 and is targeted to increase to 3.2 percent by 2027.

However, insurance inclusion remains at 16.6 percent, compared to a literacy rate of 31.7 percent.

In line with this, OJK data as of June 2026 show the sharia insurance industry in Indonesia recorded a contribution of IDR 11.73 trillion.