JAKARTA – PT Malacca Trust Wuwungan Insurance Tbk (MTWI), an insurance company, recorded a significant 517.5% year-on-year (yoy) increase in net profit for 2024, rising from IDR 12.25 billion to IDR 75.64 billion.

According to MTWI's 2024 Financial Report, this surge was driven by a 107.56% yoy increase in underwriting income, which reached IDR 304.66 billion, with gross premiums totalling IDR 1.69 trillion.

The total underwriting expenses also rose by 67.14% yoy to IDR 181.78 billion. Consequently, overall underwriting results increased to IDR 122.87 billion, up from IDR 38.01 billion the previous year.

This growth boosted the net profit to IDR 75.64 billion in 2024, resulting in earnings per share climbing to IDR 25.86, compared to IDR 4.22 previously.

The company's total assets grew 223% yoy to IDR 2.56 trillion from IDR 1.62 trillion at the end of 2023, with cash and cash equivalents reaching IDR 43.32 billion. (EF/ZH)