JAKARTA. Comprehensive profit of PT Asuransi Tugu Pratama Indonesia Tbk (TUGU) has soared over 200% year-on-year (yoy) in December 2023 (unaudited) to IDR 1.29 trillion.

Based on the unaudited financial report, TUGU’s comprehensive profit skyrocketed to IDR 1.29 trillion, proliferating 234.45% yoy from IDR 386.28 billion seen in late 2022.

Tatang Nurhidayat, President Director of TUGU, mentioned that according to unaudited report at the end of December 2023, the company is predicted to secure underwriting income of IDR 746.99 billion.

“We are grateful that our underwriting income in Q3 2023 had reached IDR 524.82 billion, up 6% compared to the same period in the previous year. Furthermore, based on the final report in December 2023 (unaudited), it is estimated to reach IDR 746.99 billion,” Nurhidayat mentioned, as quoted Friday (24/2).

Meanwhile, after seeing the Q3 2023 report issued by the company, TUGU’s underwriting income, compared to December 2022, also saw growth. As seen in 2022, its underwriting income had reached IDR 736.05 billion.

According to Nurhidayat, Tugu Insurance has been existing for 42 years in the national insurance industry, by offering general insurance products and services. It becomes a proof of our commitment in maintaining the process to identify, analyse, and categorise various risk profiles meticulously, as well as ensuring the implementation of sustainable, prudent underwriting.

The profit surge of Tugu Insurance was supported by its insurance operating profit of IDR 562.5 billion, and from other segments of IDR 1 trillion. These other segments include the payment from Citibank for a lawsuit of a Hong Kong company. The civil lawsuit refers to the case of Final Appeal No. 11 of 2022 (Civil), on Appeal from CACV No. 548 of 2018.

Meanwhile, in the same financial report, stated that the gross premium income of the company reached IDR 4.7 trillion, recording surge of 24.7% yoy from IDR 3.76 trillion seen in the same period in 2022.

Liabilities borne by Tugu Insurance were also seen increasing 16.5% yoy to IDR 9.03 trillion, compared to IDR 7.7 trillion seen in the same period in 2022. Furthermore, the equity was recorded at IDR 6.6 trillion in 2023, growing 18.9% yoy from the position as of December 31, 2022, of IDR 5.6 trillion.

Total assets reported by Tugu Insurance as of December 31, 2023, reached IDR 15.7 trillion, also growing 17.5% yoy from IDR 13.3 trillion. In more detail, investment assets proliferated 31.5% yoy to IDR 7.5 trillion from IDR 5.7 trillion, while non-investment assets soared to IDR 8.1 trillion, up 7.02% yoy from IDR 7.6 trillion seen at the end of 2022.

In terms of risk-based capital (RBC), TUGU reported solvability rate at 570.12% on December 31, 2023. This RBC rate showed significant growth from 470.02% seen at the end of 2022. This number is way above the required minimum RBC rate set by OJK for insurance companies of 120%. (PP/ZH)