JAKARTA. PT Paninvest Tbk (PNIN), an insurance company owned by the Panin Group, announced a net profit of IDR 697.03 billion during January-September (9M) 2020, dropped 30.17% year-on-year (yoy).
PNIN's management explained that the decline was due to the company's net premium income, only reached IDR 1.74 trillion, 38.14% lower than last year in the same period.
On the other hand, investment business activities during 9M 2020 only generated IDR 581.72 billion, 2% lower than the investment acquisition in the same period last year. Moreover, the losses from PNIN's securities and mutual fund businesses in 9M 2020 reached IDR 649.2 billion, 23 times higher than the same period last year.
For information, PNIN's total assets as of September 2020 were recorded at IDR 32.11 trillion, 0.42% lower than the total assets at the end of December 2019.
In an information disclosure on Indonesia Stock Exchange (IDX), PNIN management admitted that its business activities were still affected by the Covid-19 pandemic until mid-September. However, management ensured that there was no material impact on the contract or commitment to the company's obligations. (KR/VA)