JAKARTA - PT Asuransi Tugu Pratama Indonesia Tbk (TUGU) or Tugu Insurance has achieved positive achievements at the global level.
The reason is that the international rating agency AM Best has determined that this subsidiary of PT Pertamina (Persero) has achieved a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (LongTerm ICR) of "a-" (Excellent) for 10 consecutive years.
Based on the Indonesia National Scale Rating (NSR) set by AM Best, Tugu Insurance also obtained an aaa.ID rating (Exceptional) with a stable outlook.
On this occasion, AM Best upgraded Tugu Insurance's international rating outlook to stable outlook, reflecting Tugu Insurance's improved operating results in the past period, with a positive expectation that future operating performance will remain at a good and profitable level.
Overall, this ranking reflects the strength of Tugu Insurance's financial balance sheet, which is considered very strong, solid operational performance, and proper risk management implementation.
AM Best also assessed that Tugu Insurance's capital structure remains at a very strong level, evidenced by its Best's Capital Adequacy Ratio (BCAR) which is at the highest level.
AM Best assesses that Tugu Insurance has managed to record consistently positive financial performance, supported by solid underwriting and investment income performance.
AM Best said that Tugu Insurance's investment portfolio has moderate risk and is well diversified, with the majority of investments allocated to bonds and term deposits.
Tugu Insurance Corporate Secretary Dudi Subekti expressed his pride and appreciation for the achievements that the company has achieved.
This achievement is the result of hard work from the entire team and the trust given by customers, so that Tugu Insurance can continue to maintain the A- (Excellent) Rating for a decade, even achieving a stable outlook.
"This achievement can be achieved thanks to strong fundamentals, solid capital, and a focused strategy. Tugu Insurance is committed to implementing governance, improving service quality, and encouraging sustainability initiatives. This further confirms Tugu Insurance's position as an insurance company
"This is a leading general in Indonesia," explained Dudi.
AM Best also highlighted Tugu Insurance's position as one of the main players in the national general insurance industry and has a strong position in the energy, aviation, fire, and marine hull segments.
The company also continues to drive retail business expansion as part of its long-term diversification strategy.
With strong strategies and risk management, Tugu Insurance is optimistic that it will be able to maintain its positive performance and strengthen its position as one of the best general insurance companies in Indonesia.
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