Get Ready! Tugu Insurance Will Distribute Dividends Of IDR 529 Billion

JAKARTA - The Tugu Insurance Annual General Meeting of Shareholders (AGMS) decided to make dividend payments for the 2023 financial year amounting to IDR 528.96 billion from a profit of IDR 1.32 trillion.

Previously, Tugu Insurance had paid interim dividends to shareholders amounting to IDR 90.71 billion on December 20, 2023. Thus, the remaining cash dividend for the 2023 financial year to be paid by the company was IDR 438.25 billion or IDR 123.26 per share to be distributed to 3,555,575,600 shares. The cash dividend payment date is on May 29, 2024.

Throughout 2023, the issuer of BUMN Pertamina with the stock code TUGU managed to record a profit of IDR 1.32 trillion. This achievement skyrocketed 281 percent compared to the same period the previous year of IDR 347.15 billion.

The Insurance Monument also managed to record a consolidated gross premium achievement of IDR 7.7 trillion, up 15 percent compared to the same period the previous year of IDR 6.7 trillion.

Regarding its performance in the first quarter, quoted from the financial statements on the Indonesia Stock Exchange (IDX), Tugu Insurance as of March 2024, recorded a profit for the current year of IDR 241.66 billion.

At first glance, there was a year on year (yoy) decline from IDR 924.14 billion in the first quarter of 2023. However, if you look at the Information Disclosure Report that this insurance issuer submitted to the IDX last year, the decline in the recorded profit figure was not caused by the company's performance.

The decline in the company's profit in 2023 which reached 1,184.48 percent was also influenced by the victory in the case of Citibank NA. At that time, Tugu Insurance had received payment for victory in the case of The Hong Kong of Final Appeal court from Citibank NA amounting to 43.12 million US dollars or a set of Rp645.9 billion and would still receive interest on the case amounting to 31.14 million US dollars or Rp466.4 billion.

So what is recorded as revenue is IDR 1.1 trillion (or around IDR 850 billion after taxes and other costs). As a result, in the first quarter of 2023, Tugu Insurance managed to record a profit for the current year of IDR 924.14 billion.