<![CDATA[The growth of the Islamic insurance industry in Indonesia has increased the importance of financial performance as an indicator of sustainability, participant protection, and institutional stability. However, despite the positive profitability trend within the Islamic insurance industry, Sun Life Financial Indonesia Sharia Unit recorded a negative average Return on Assets (ROA) during the observation period. This condition indicates the existence of internal financial management challenges that require further empirical investigation. Therefore, this study aims to analyze the effect of Risk-Based Capital (RBC), Claim Ratio, and Tabarru’ Fund Underwriting Surplus on Return on Assets (ROA) at Sun Life Financial Indonesia Sharia Unit. This study employed a quantitative explanatory approach using monthly financial statement data from April 2023 to October 2025, resulting in 31 observations. The data were analyzed using multiple linear regression with a bootstrap method to address non-normal data distribution and enhance the robustness of parameter estimation. The findings reveal that partially, Risk-Based Capital and Tabarru’ Fund Underwriting Surplus do not have a significant effect on ROA, while Claim Ratio has a significant positive effect on ROA. Simultaneously, all independent variables significantly affect ROA. These findings suggest that claim management plays a more dominant role in determining profitability compared to capital adequacy and underwriting surplus management. This study contributes to the literature on Islamic insurance financial performance by providing empirical evidence through the use of monthly financial data and bootstrap regression analysis. Practically, the findings emphasize the importance of effective claim management, prudent risk governance, and efficient tabarru’ fund management in maintaining financial stability and improving profitability in Islamic insurance companies]]>
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