JAKARTA - PT Asuransi Tugu Pratama Indonesia Tbk (TUGU) or Tugu Insurance, the insurance arm of state-owned energy firm PT Pertamina (Persero), recorded an increase in consolidated profit for the year to Rp 236.08 billion in the third quarter (Q3) of 2020.
However, the company's consolidated premium income dropped 7.35% year on year (yoy) to Rp 4.57 trillion. According to Tugu Insurance President Director Indra Baruna, the decline was due to the economic downturn caused by the coronavirus (COVID-19) pandemic, falling oil prices, and a decline in stock market performance.
"Nevertheless, our hard work during this difficult period can still record premium production growth in several insurance product lines compared to the same period in the previous year," said Mr Baruna in an official statement received by IDNFinancials.com, Tuesday (17/11).
In Q3, the company recorded an increase in marine hull premiums by 29% yoy to Rp 183.55 billion, an increase in offshore premiums by 18% yoy to Rp 519.69 billion, an increase in bond premiums by 32% yoy to Rp 22.76 billion, and an increase in premium in the health insurance segment by 32% yoy to Rp 19.54 billion.
"Despite the still apprehensive condition of the automotive industry, we are grateful that we have maintained sales in motor vehicle insurance premiums from Rp 143.04 billion to Rp 144.11 billion," Mr Baruna added.
Additionally, as of 30 September 2020 the performance of Tugu Insurance's underwriting results reached Rp 388.41 billion, followed by Rp 20.19 trillion in total assets and Rp 8.38 trillion in equity. (MS)