Growing 227%, Tugure Accelerates and Prepares for Regional Expansion

Jakarta, 18/03 – PT Tugu Reasuransi Indonesia (Tugure) enters 2025 with strong optimism, backed by a business strategy focused on enhancing competitiveness and sustainable growth. After recording solid financial performance throughout 2024, Tugure is ready to move forward with a focused and innovative business strategy to tackle challenges and seize opportunities in the reinsurance industry.

The year 2024 was marked by significant achievements for Tugure, with underwriting results increasing by 227% compared to the previous year, leading to gross premiums of IDR 3.3 trillion. Investment returns also grew by 6%, totaling IDR 156 billion. External factors such as stable national economic growth—recorded at 5.02% in 2024—and controlled inflation of 1.57% year-on-year also positively contributed to the company’s performance.

Tugure President Director, Teguh Budiman, emphasized that the company is on the right track to face 2025 with a more aggressive and innovative strategy.

"With the strategy we’ve developed, Tugure is ready to tackle market challenges and strengthen its position in the industry," said Teguh Budiman.

Heading into 2025, Tugure has outlined a business strategy increasingly oriented toward profitability and regulatory compliance. A key initiative is managing a more balanced and profitable short-term premium portfolio, with a target of IDR 3.6 trillion in gross premiums. In addition, the company will continue to enhance its use of digital technology, including the implementation of an integrated IFRS 17 system to support operational efficiency and improve competitiveness.

Tugure Finance Director, Dradjat Irwansyah, highlighted the importance of strong financial strategy to support growth.

"We continue to strengthen our financial fundamentals through prudent investment strategies and accelerated receivables collection to maintain liquidity. With total assets increasing to IDR 5.9 trillion and equity reaching IDR 1.5 trillion at the end of 2024, we are in a solid position to face 2025," explained Dradjat Irwansyah.

As part of efforts to strengthen its position in the domestic reinsurance market, Tugure is targeting an increased role as a Treaty Leader, enabling the company to become a key player in reinsurance programs and provide more competitive solutions for business partners.

Tugure Technical Director, R. Djoko Slamet Prasetiyo, added that innovation in underwriting and risk management will be key in the 2025 strategy.

"We continue to develop data- and technology-driven underwriting methods to ensure better risk selection. With this strategy, we are optimistic about improving the company's profitability and competitiveness," said Djoko.

On the regulatory side, Tugure has been preparing system developments to implement PSAK 117 and PSAK 109 to ensure compliance with the latest accounting standards, as well as to maintain financial transparency and stability.

Amid intense industry competition, Tugure is also strengthening its risk mitigation strategy. Through a balanced business portfolio and enhanced engagement with business partners, Tugure ensures more efficient and targeted underwriting and claims handling. Furthermore, solid financial fundamentals serve as the main foundation for building business partner trust, while conservative reserving and a retrocession program involving reinsurers rated at least A- ensure the company’s resilience against major risks.

Tugure Operations Director, Erwin Basri, highlighted the role of technology in enhancing operational efficiency.

"We have built an integrated digital operational system that enables reinsurance processes to run faster and more accurately. This is not just about efficiency but also about delivering the best service to our business partners," said Erwin.

Beyond that, Tugure is preparing to expand its business regionally by obtaining an international credit rating from AM Best. This move is expected to strengthen the company’s credibility and competitiveness in the international market. Tugure will also continue to innovate in offering competitive reinsurance solutions tailored to business partners’ needs, thereby maintaining and growing its market share.

With positive prospects for Indonesia’s insurance and reinsurance industry, Tugure is confident that the strategies in place will lead the company toward more sustainable growth. Backed by solid performance, a well-developed business strategy, and a strong commitment to innovation and sound governance, Tugure remains optimistic in strengthening its position as a leading reinsurance company in Indonesia.