JAKARTA. PT Asuransi Bintang Tbk (ASBI) recorded a net profit of Rp 5.78 billion by June 2019, 43.78% higher on a year on year (YoY) basis compared to the record in June 2018 (Rp 4.02 billion). This is due to lower expenses following the transfer of administrative work to Solo and Yogyakarta, which has lower minimum wages.
"With this job migration, we managed to get a 3% decrease in basic salary expenses. On the other hand, our variable pay system with 37 KPI points, which is paid monthly, has succeeded in encouraging the organization to grow, "President Director of Asuransi Bintang, HSM Widodo said as quoted by Kontan.co.id on Wednesday (7/8).
The company's operational costs also decreased by 22.2% to Rp 50.92 billion from Rp 65.45 billion.
In addition, ASBI's gross premium income was increased in the first half of this year to Rp 196.48 billion, growing by 4.43% YoY from Rp 188.14 billion. On the other hand, underwriting income in June 2019 was down by 19.71% to Rp 51.57 billion from Rp 64.23 billion. (AM/AR)