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Until the end of the third quarter of 2023, Tugure has recorded positive results

News
25 Oct 2023
Until the end of the third quarter of 2023, Tugure has recorded positive results

JAKARTA – PT Tugu Reasuransi Indonesia (Tugure) has achieved impressive performance throughout 2023. These positive results have increased Tugure's optimism for driving sustainable business growth.

Based on unaudited financial statements as of the end of the third quarter of 2023, Tugure was able to achieve gross premiums amounting to Rp1.71 trillion. This represents a growth of 3.25% compared to the same period in 2022 (year-on-year/yoy).

At the same time, Tugure recorded approved claims worth Rp916.63 billion. This demonstrates the company's commitment to fulfilling obligations to insurance partners or cedants.

"Tugure always maintains its commitment to fulfilling obligations to our partners," explained Tugure's Technical Director, Fadlil Iswahyudi.

Until the end of the third quarter of 2023, Tugure also recorded underwriting results of Rp3.82 billion, a significant increase compared to the previous year.

In line with underwriting results, Tugure's investment income increased by 1.54% (yoy) to Rp109.14 billion. Consequently, by the end of the third quarter of 2023, Tugure was able to achieve a profit after tax of Rp78.84 billion.

In recognition of these achievements, Fadlil appreciates the performance of all employees of the company, enabling them to achieve strong business growth amidst economic challenges, both globally and nationally.

"Tugure has been able to grow and achieve impressive performance so far. These results are due to the performance of all individuals at Tugure and also the market's trust in Tugure," he expressed.

Fadlil is optimistic that these positive results will drive Tugure to continue pushing for sustainable business growth.

"These results prove Tugure's resilience and promising prospects," he stated.

The financial report for the third quarter of 2023 shows that Tugure's assets increased by 11.49% (yoy) to Rp5.52 trillion from Rp4.95 trillion. The company's equity also grew by 4.00% (yoy) to Rp1.49 trillion.

Meanwhile, Tugure's solvency ratio (risk-based capital/RBC) increased to 209% at the end of September 2023, up from 201% during the same period the previous year. This achievement is well above the minimum threshold set by regulators, which is 120%.

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