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Jakarta - Reinsurance company PT Tugu Reasuransi Indonesia (Tugure) has successfully maintained its national rating of Insurer Financial Strength (IFS) at 'A+(idn)' with a Stable Outlook from Fitch Ratings Indonesia. Fitch Ratings Indonesia affirmed Tugure's rating through its official statement on Wednesday (22/11/2023).
"Fitch Ratings Indonesia has affirmed the National Insurer Financial Strength (IFS) Rating of PT Tugu Reasuransi Indonesia (Tugure) at 'A+(idn)' with a Stable Outlook," as stated in Fitch's official announcement.
Fitch explained that the rating reflects Tugure's satisfactory capital position, balanced by fluctuating underwriting performance due to the company's high exposure to property and long-term credit insurance. "The rating also reflects the company's 'moderate' profile and limited investment risk," wrote Fitch.
The National IFS Rating of 'A' indicates Tugure's strong capacity to meet policyholders' obligations relative to all other obligations or issuers in the same country or monetary union, across all industries and types of liabilities.
Tugure's President Director, Teguh Budiman, stated that the company strives to maintain performance and business quality with good corporate governance to ensure the company's strength in fulfilling obligations to its partners.
Based on unaudited financial reports as of the end of the third quarter of 2023, Tugure achieved gross premiums of IDR 2.25 trillion, growing by 3.25% compared to the same period last year. At the same time, Tugure recorded settled claims amounting to IDR 916.63 billion.
Teguh explained that these achievements demonstrate the company's commitment to fulfilling obligations to insurance partners or cedants. "Tugure always maintains its commitment to fulfilling obligations to our partners," he clarified.
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