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Jakarta – PT Tugu Reasuransi Indonesia (Tugure) posted positive performance throughout 2022 with growing premium income and investment returns. Tugure Technical Director Fadlil Iswahyudi explained that the economic recovery after the Covid-19 pandemic had prompted an increase in Tugure's premium.
"Tugure posted a gross premium of IDR 2.8 trillion and for net premiums it was IDR 2.1 trillion unaudited," he explained.
When compared to the realization as of December 31, 2021, the net premium that Tugure achieved last year grew by around 24.9%.
In the same period, Tugure also posted growth in investment returns. Throughout 2022, Tugure recorded investment returns of IDR 137.38 billion.
The company's investment results as of December 31 2022 have also grown by around 25% compared to the company's score in 2021 which was recorded at IDR 109.89 billion.
National IFS Rating 'A+'
Tugure was again able to maintain its Insurer Financial Strength (IFS) rating. Fitch Ratings Indonesia, in its official statement, Wednesday (30/11/2022), maintains Tugure's National Insurer Financial Strength (IFS) rating at 'A+(idn)' with a Stable Outlook.
National IFS 'A+' ratings denote a strong capacity to meet obligations to policyholders and against all other obligations across industries and types of obligations.
"Fitch Ratings Indonesia has affirmed PT Tugu Reasuransi Indonesia's (Tugure) National Insurer Financial Strength (IFS) Rating at 'A+(idn)' with a Stable Outlook," the official statement read.
Furthermore, in the statement, Fitch detailed a number of key factors that prompted Tugure to maintain the rating.
The first is that Tugure's capitalization is satisfactory. This can be seen from the level of the solvency ratio or risk-based capital ratio (RBC) which reached 212% at the end of June 2022. For information, the minimum RBC limit for reinsurance as stipulated by the Financial Services Authority is 120%. Despite the strengthening on the technical reserve side, Fitch notes that Tugu Re's RBC ratio remains above the minimum threshold.
Tugure also started to record premium growth amid the recovery period due to the Covid-19 pandemic. Fitch noted that Tugure's gross premiums grew again by 41% in the first half of 2022, after shrinking by 19% in 2021 and by 8% in 2020.
On the other hand, Fitch also considers Tugure's investment risk to be limited considering that its exposure to risky assets is fairly well under control. In addition, the reinsurance company's investment portfolio is considered to remain liquid with cash, cash equivalents and fixed income securities which account for around 74% of the assets invested by the end of 2021. Other investment portfolios consist of various instruments, including stocks and mutual funds.
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