Pengaruh Pendapatan Premi dan Hasil Investasi terhadap Underwriting Dana Tabarru’ pada Perusahaan Asuransi Syariah yang Terdaftar di BEI Tahun 2020–2024

The relationship between premium income, investment returns, and tabarru’ fund underwriting reflects the financial dynamics of Islamic insurance companies. Premium income provides contributions to the collective risk fund, while investment returns represent an additional source of income that may influence the fund’s underwriting performance. Using financial statements from Islamic insurance companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period, the analysis covers five companies selected through purposive sampling from a population of ten companies, resulting in 25 panel data observations. Panel data regression was conducted using EViews 13, with the Random Effect Model selected through the Chow, Hausman, and Lagrange Multiplier tests. The regression results reveal that premium income has a negative but statistically insignificant relationship with tabarru’ fund underwriting (coefficient = −7.97001; probability = 0.24039). Conversely, investment returns have a positive and statistically significant relationship (coefficient = 0.40849; probability = 0.00023). The simultaneous test confirms that both independent variables significantly influence tabarru’ fund underwriting, with a probability value of 0.000454. The adjusted R-squared of 0.458061 shows that premium income and investment returns account for 45.81% of the variation in underwriting performance, while the remaining 54.19% relates to factors beyond the model. These results highlight the contribution of investment returns to tabarru’ fund underwriting and the limited individual explanatory role of premium income.