According to the Indonesia Life Insurance Association, the Indonesian life insurance industry experienced a year-on-year increase of 9.2% in total gross income over the first quarter of 2016. Total invested assets grew by 4.7% with a general growth across almost all asset classes except for a decline of 5.7% in equity investment. Total claims paid by the industry dropped by 4.8% compared with the first quarter of 2015. There were no new life insurance licenses in the four-month period ending 31 August 2016.