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Jakarta - PT Tugu Reasuransi Indonesia (Tugure) achieved impressive performance throughout 2022 with a significantly significant year-on-year profit growth. This positive outcome has increased Tugure's optimism to drive sustainable business growth in 2023.
This was revealed in the Consolidated Financial Statements of PT Tugu Reasuransi Indonesia and its Subsidiaries for the Years Ended December 31, 2022, and 2021, audited by RSM Indonesia, a public accounting firm. According to the audited financial statements, Tugure's year-on-year profit for 2022 amounted to IDR 101.28 billion.
This realization represents a 277% increase compared to 2021, where the year-on-year profit was IDR 26.86 billion. The year-on-year profit growth was supported by visible revenue growth, with total revenue reaching IDR 2.81 trillion throughout 2022, a 24% increase year-on-year.
A detailed breakdown shows that the company's revenue was supported by growth in reinsurance premiums and investment returns. According to the audited financial statements, Tugure recorded gross reinsurance premiums of IDR 2.81 trillion in the past year, an increase of 24.16% year-on-year. At the same time, the company's investment returns grew by 25.13% year-on-year, from IDR 109.89 billion in 2021 to IDR 137.50 billion in 2022.
On the other hand, Tugure's expenses increased by 12.10% year-on-year, reaching IDR 2.08 trillion, with gross claims amounting to IDR 1.29 trillion throughout 2022, a decrease of 8.62% year-on-year. Fadlil Iswahyudi, Tugure's Technical Director, expressed appreciation for the performance of the entire company, which enabled them to achieve robust business growth amidst both global and national economic challenges.
"Tugure was able to grow and achieve impressive performance throughout the past year. This outcome is a testament to the performance of all individuals at Tugure," he said. He explained that throughout 2022, Tugure was able to achieve an increase in premiums in line with the economic recovery following the Covid-19 pandemic.
Meanwhile, the decrease in gross claims value in the past year was due to the company's policy of reducing exposure to certain fire-related business segments. They minimized the potential claims from business lines with a high claims history. On the other hand, Tugure was able to maximize investment returns through a measured portfolio arrangement strategy in line with the increasingly conducive economic conditions.
"This outcome proves the resilience and promising prospects of Tugure, which previously received recognition from Fitch Ratings Indonesia, maintaining Tugure's National Insurer Financial Strength (IFS) rating at 'A+(idn)' with a Stable Outlook," he explained.
The audited financial statements also show that Tugure's assets as of December 31, 2022, increased by 20.44% year-on-year to IDR 5.24 trillion from IDR 4.35 trillion in the previous year. The company's equity also grew by 5.76% year-on-year, reaching IDR 1.50 trillion.
OUTLOOK FOR 2023
With the positive results achieved throughout 2022, Tugure is optimistic about driving sustainable business growth in 2023. Fadlil stated that they believe the insurance sector continues to be a pillar of the national economy, especially as people become more aware of the importance of insurance after the Covid-19 pandemic. "Tugure, as one of the reinsurers in the country, will support the national insurance industry," he
stated.
According to him, the positive performance in 2022 demonstrates Tugure's efforts to maintain sustainability by improving the company's financial performance capabilities to provide the best service to business partners. "This situation is further strengthened by the stable financial capacity rating, A+ (idn); stable outlook issued by Fitch Ratings Indonesia since 2017 until now," he added.
Transition to the Implementation of IFRS 17
Tugure has also begun transitioning to the new reporting standards based on the International Financial Reporting Standard (IFRS) 17 and the Implementation of the Financial Accounting Standards (PSAK) 74. Tugure's Chief Financial Officer, Drajat Irwansyah, stated that they took this initiative to anticipate the implementation of PSAK 74, which will take effect in January 2025.
"Meeting the new reporting standards almost three years before its implementation will provide a competitive advantage for any insurance company that can achieve it," he explained.
In addition, Tugure continues to maintain its level of capitalization, as seen from the level of the solvency ratio or Risk-Based Capital (RBC) ratio, which reached 248.63% at the end of December 2022. It is important to note that the minimum RBC requirement for reinsurance, as set by the Financial Services Authority, is 120%. Despite the strengthening of technical reserves, Fitch noted that Tugure's RBC ratio remains above the minimum requirement.
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