AAUI's Profit Achieves IDR 5.3 Trillion In The Third Quarter Of 2022

Illustration. (Photo: Doc. Antara)

JAKARTA - The Indonesian General Insurance Association (AUI) reported that the profit after tax (clean) of general insurance in the third quarter of 2022 managed to grow 13.1 percent compared to the same period last year (year-on-year/yoy) to IDR 5.3 trillion, from IDR 4.7 trillion in the third quarter of 2021.

"Laba after this tax comes from investment results and insurance underwriting results," said Deputy Chair for Statistics, Research and AAUI Trinita Situmeang at the 2022 Quarter III Data Press Conference, quoted from Antara, Friday, December 16.

He revealed that the results of general insurance investment were recorded at IDR 3.1 trillion, an increase of 5.8 percent (YoY) from IDR 3 trillion, while the underwriting results amounted to IDR 13.1 trillion or grew 8.6 percent (YoY) from IDR 12.1 trillion.

With this net profit, the total assets of the general insurance industry in the third quarter of this year reached IDR 195.8 trillion or grew 6.8 percent (YoY) from IDR 183.2 trillion in the third quarter of 2021.

In addition, total investment was recorded at IDR 90.5 trillion, up 3.9 percent (YoY) from IDR 87.1 trillion, with total liabilities of IDR 124.3 trillion or growing 8.6 percent (YoY) from IDR 114.5 trillion and total equity of IDR 70.7 trillion or an increase of 4 percent (YoY) from IDR 68 trillion.

Meanwhile, the premium for general insurance was recorded at IDR 67 trillion, an increase of 19.9 percent (YoY) from IDR 55.8 trillion and general insurance claims increased by 25.2 percent (YoY) from IDR 22 trillion to IDR 27.5 trillion.

As for the reinsurance industry, Trinita said the profit after tax contracted 77.5 percent (yoy) from IDR 308 billion in the third quarter of 2021, to IDR 69 billion in the third quarter of 2022.

"Laba after the tax fell due to a significant decrease in the underwriting results of the insurance, namely 198.6 percent (yoy) from Rp279 billion to minus Rp275 billion," he said.

However, he said, the proceeds from reinsurance investment grew 30.1 percent (yoy) from IDR 548 billion to IDR 713 billion, with total investment of IDR 17.7 trillion or grew 5.2 percent (YoY) from IDR 16.8 trillion.

That way, total reinsurance assets reached IDR 34.1 trillion, an increase of 11.7 percent (YoY) from IDR 30.5 trillion, total liabilities of IDR 26.1 trillion, an increase of 28.1 percent (YoY) from IDR 20.4 trillion, and total equity of IDR 6.4 trillion or decreased by 27.2 percent (YoY) from IDR 8.8 trillion.

Meanwhile, the premium for insurance reached IDR 18.5 trillion or grew 11.7 percent (YoY) from IDR 16.6 trillion and claims reached IDR 9.3 trillion, an increase of 19.1 percent (YoY) from IDR 7.8 trillion.