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Tugure Produces Impressive Performance Throughout 2022

06 Feb 2023
Tugure Produces Impressive Performance Throughout 2022

Jakarta - PT Tugu Reasuransi Indonesia (Tugure) scored a brilliant performance throughout 2022 with a significant increase in profit supported by premium growth, underwriting results, and impressive investment returns.

Based on the unaudited financial reports as of December 31, 2022 published on its official website, Tugure recorded a profit after tax of IDR 104.83 billion.

This realization increased by 290.21% compared to the same period the previous year (year-on-year/yoy). For information, on December 31 2021, the Company recorded a Tugure after-tax profit of IDR 26.87 billion.

Meanwhile, gross claims decreased by 8.62% compared to the previous year, from IDR 1.42 trillion to IDR 1.29 trillion.

Throughout 2022, Tugure posted premium income of IDR 2.81 trillion, an increase of 24.16% (yoy). This had an impact on Tugure's underwriting results soaring, namely 3,396% (yoy) from IDR 1.18 billion on 31 December 2021 to IDR 41.22 billion at the end of last year.

At the same time, Tugure posted investment returns of IDR 137.38 billion, an increase of 25.02% from IDR 109.89 billion on 31 December 2021.

Tugure Finance Director Dradjat Irwansyah said the increase in premiums booked by the Company was in line with the economic recovery after the Covid-19 pandemic.

On the other hand, the decline in the value of Tugure's gross claims throughout 2022 was supported by the Company's efforts to implement a business portfolio rebalancing policy.

In addition, he explained, his party was able to maximize investment returns with a measurable portfolio arrangement strategy in line with increasingly conducive economic conditions.

"These results show that Tugure is able to record strong business growth throughout 2022," he explained, Thursday (2/2/2023).

The positive performance and promising prospects of Tugure have also previously received recognition from Fitch Ratings Indonesia which maintains TuguRe's National Insurer Financial Strength (IFS) rating at 'A+(idn)' with a Stable Outlook.

Strong assets and RBC

Meanwhile, the value of Tugure's assets as of December 31 2022 increased by 20.06% (yoy) to IDR 5.22 trillion from IDR 4.35 trillion in the previous year. This was supported by investment growth which reached 16.34% (yoy) to IDR 2.41 trillion.

With a more conservative technical reserve methodology, TuguRe's solvency ratio or risk-based capital ratio (Risk Based Capital/RBC) reaches 221% by the end of 2022. This achievement is far above the minimum RBC limit for reinsurance as set by the Financial Services Authority of 120 %.

Since 2018, Tugure has changed the backup method to be more conservative so that it has made significant changes to the Company's performance since 2019. This backup method has proven to be effective in maintaining the company's performance in the midst of a pandemic which has massively affected national and even global economic conditions.

"Tugure will ensure that it is able to meet future obligations by maintaining the RBC ratio above 200%, as has been done for the last three years," concluded Dradjat.

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