JAKARTA - State-owned energy company PT Pertamina's (Persero) insurance arm PT Asuransi Tugu Pratama Indonesia Tbk (TUGU), also known as Tugu Insurance, has managed to maintain an A- rating from US-based rating agency AM Best with an increase in outlook to Stable.
According to Tugu Insurance President Director Indra Baruna, the outlook increase is in line with the company's improving performance in the enterprise risk management (ERM) corridor from the underwriting process to investment management with a prudent approach.
"The principle of prudence has a positive impact on the growth of underwriting results. We are also becoming more prudent in carrying out investment activities so that risk management can be continuously improved, ”said Mr Baruna in an official statement received by IDNFinancials.com, Friday (6/11).
In its explanation, AM Best said that the assessment of the strength of Tugu Insurance's balance sheet was supported by capitalisation that was adjusted to risk so that it remained strong with moderate investment risk.
"Improving the company's performance through business portfolio balancing with retail business development, balancing investment portfolios in a prudent manner, and transforming business processes using digital platforms to serve customers will continue to be the focus of Tugu Insurance going forward," added Mr Baruna. (MS)