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Tugu Insurance Reports A Profit Of Rp552 Billion Ahead Of Its 43rd Anniversary
Wednesday, 27 Nov 2024
As PT Asuransi Tugu Pratama Indonesia Tbk (Tugu Insurance) approaches its 43rd anniversary, it has reported an impressive performance with a net profit of IDR 552 billion as of September 2024. This achievement is bolstered by a 26% increase in gross premiums, reaching IDR 6.9 trillion, and a 17% rise in underwriting income, amounting to IDR 2.3 trillion.
The President Director of Tugu Insurance, Tatang Nurhidayat, noted that growth was also observed in other business revenues, including property leasing and vehicle sales, which surged by 21% to IDR 420 billion. With total revenue hitting IDR 3.2 trillion, reflecting a 16% increase from the previous year, Tugu Insurance demonstrates stable growth amidst the challenges faced by the insurance industry. "It is evident that Tugu Insurance's total revenue has risen by 16 percent year-on-year to IDR 3.2 trillion by the end of September 2024, up from IDR 2.7 trillion at the same time last year," Tatang stated. He further mentioned that net claims expenses increased by only 9% to IDR 1.6 trillion, while operating expenses decreased by 5%, contributing to Tugu Insurance's operational efficiency.
This positive performance is also reflected in key segments such as fire insurance, energy, and aviation, which have experienced improved underwriting margins. "Additionally, cost burdens have remained relatively stable. This is evident from the net claims expenses, which have only risen by 9 percent year-on-year to IDR 1.6 trillion, while the company's operating expenses have actually decreased by 5 percent annually. The total expenses of Tugu Insurance, excluding revenue or other expenses, reached IDR 2.38 trillion, an increase of 6 percent compared to the previous year's IDR 2.24 trillion," he added.
The commitment of Tugu Insurance to enhance its performance has been recognized through the attainment of 35 awards throughout 2024. Notably, it received the "Outstanding Achievement in Energy and Corporate Insurance Solutions" at the Certified Securities Analyst (CSA Awards 2024) and the "Market Leaders Awards 2024" from Media Asuransi. Tugu Insurance is dedicated to becoming a leading general insurance company by implementing sustainable financial governance.
The services provided by Tugu Insurance prioritize the principles of simplicity and trustworthiness, with a consistent effort to diversify its product offerings by developing competitive solutions that meet market demands.
To address the insurance product and service needs of its customers, Tugu Insurance leverages digital innovation to enhance customer satisfaction and loyalty. It is anticipated that this strategy will enable Tugu Insurance to continue its growth and deliver outstanding performance. "We are confident that Tugu Insurance can provide the best services through digitalization in every aspect, from the purchasing process to claims reporting and other customer services, with the aim of increasing customer satisfaction," stated Tatang.
