Up 20 Percent, Tugu Insurance Earns Rp327 Billion Profit

Photo: Doc Tugu Insurance

JAKARTA - PT Asuransi Tugu Pratama Indonesia Tbk (Tugu Insurance) managed to record a consolidated profit for the year of IDR 327.23 billion, up 20 percent from last year's IDR 271.91 billion.

Tugu Insurance's Director of Finance and Corporate Services, Emil Hakim explained that the improvement in Tugu Insurance's performance in 2021 cannot be separated from the Company's efforts to manage risk with prudence principles.

"Until December 31, 2021, net premium income on a consolidated basis is IDR 2.67 trillion, up 12 percent compared to the same period the previous year of IDR 2.38 trillion," said Emil in a press release, Thursday, May 12.

As for the consolidated underwriting income of Rp.2.12 trillion, an increase of 11 percent compared to the same period the previous year, which was Rp.1.91 trillion.

Emil added, Tugu Insurance also managed to maintain a Global Rating rating of "A- (Excellent)" from AM Best, which is a global rating agency in the insurance sector.

Tugu Insurance also managed to record an increase in consolidated investment returns.

It was recorded that for the period of December 31, 2021, the consolidated investment returns experienced a significant increase of 58 percent from the same period the previous year from Rp.237.26 billion to Rp.374.07 billion.

Tugu Insurance has total assets of IDR 20.19 trillion, an increase compared to the same period last year of IDR 19.46 trillion.

Meanwhile, the company's equity increased from Rp. 8.46 trillion to Rp. 8.79 trillion, accompanied by a Risk Based Capital (RBC) level of 405.13 percent, which is far above the minimum limit set by the Financial Services Authority (OJK) of 120 percent.