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JAKARTA – PT Tugu Reasuransi Indonesia (Tugure) has once again maintained its 'A+' Insurer Financial Strength (IFS) rating with a stable outlook from Fitch Ratings. This achievement has been consistently attained by Tugure since 2017, demonstrating the company’s resilience and stability in facing market challenges under various conditions.
In an official report released on Tuesday (November 18, 2024), Fitch Ratings highlighted several positive indicators of Tugure's performance. One of them is the improvement in risk management, reflected in the reduction of the Combined Ratio (COR) to 100% in the first half of 2024. This indicates the company’s success in maintaining operational efficiency.
Fitch also acknowledged Tugure's strategy in sustaining the growth of its more profitable short-term premium portfolio while creating a balanced portfolio composition. This approach is considered effective in ensuring performance stability and business sustainability.
Tugure’s President Director, Teguh Budiman, stated that this achievement is proof of Tugure’s commitment to maintaining healthy and sustainable performance. “This rating reaffirms Tugure’s position as one of the most resilient reinsurers in Indonesia. We have successfully maintained an A+ rating and stable performance since 2017. Tugure’s investment portfolio is also considered sufficiently liquid and secure, with primary placements in government and corporate bonds rated at least 'AA',” said Teguh.
In terms of capitalization, Fitch noted that Tugure has consistently maintained a Risk-Based Capital (RBC) ratio above the minimum regulatory requirement of 120% over the past five years. Additionally, Fitch assessed Tugure’s business profile as 'moderate,' with corporate governance comparable to similar companies in the domestic market.
Tugure holds an 11% market share of Indonesia’s total reinsurance sector Gross Premium Written (GPW) as of 2023. Its main business segments include property (43%) and credit (26%), with more than half originating from facultative insurance lines.
Tugure has also recorded impressive growth acceleration, achieving a 26% growth surge in the first half of 2024, far surpassing the average reinsurance market growth of 20%. This strong performance helped the company secure a net profit of IDR 106 billion during the same period, with an annual Return on Equity (ROE) of 14%.
As of the end of 2023, the majority of Tugure’s investment portfolio consisted of cash, term deposits, and fixed-income securities, which accounted for approximately 77% of total invested assets. Most of these instruments were government and corporate bonds rated 'AA' or higher, ensuring investment security and liquidity.
With these achievements, Tugure continues to solidify its strategic position as a key player in the national reinsurance industry while reaffirming its commitment to sustainable growth and delivering added value to its stakeholders.
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