JAKARTA. Sompo Holdings (Asia) Pte. Ltd will become the new controlling shareholder of PT Sompo Insurance Indonesia.

Sompo Holdings (Asia) Pte. Ltd is a business entity under Sompo, addressed at 50 Raffles Place, Singapore. The company takes over Sompo Insurance Indonesia’s shares from Sompo International Holdings Ltd.

The decision regarding the modification of controlling shareholder is reaffirmed through the issuance of approval from Financial Services Authority (OJK) on February 7, 2024.

“The plan to acquire 80% of the company’s shares has been reported and approved by Financial Services Authority (OJK) through OJK Letter No S-6/D.05/2024 dated February 7, 2024,” said the management of Sompo in the official announcement today, February 19, 2024.

The Board of Directors of Sompo Insurance Indonesia asks parties with direct interests and objections regarding this shares acquisition plan to be able to state their objection in written form no later than 14 days.

Sompo Insurance Indonesia is currently owned by Sompo International Holdings (80%) and conglomerate of Mayapada Group through PT Mayapada Pratama Kasih (20%).

Throughout 2023, according to the unaudited financial report, the company scored gross premium income of IDR 2.24 trillion. It increased 3.3% from the number recorded in 2022 of IDR 2.17 trillion.

After deducting the insurance premium, the losses (gains) of premium reserves, and other underwriting income, Sompo recorded unaudited net underwriting income of IDR 1.14 trillion last year. It is positively shifting from IDR 988.96 billion in 2022.

Whilst the underwriting income soared, Sompo then scored net claim increase from IDR 440.91 billion to IDR 528.16 billion. There was also an increase in operating expenses from IDR 573.64 billion to IDR 618.47 billion.

After cutting off taxes, this general insurance company under Sompo Holdings Inc from Japan managed to collect unaudited net profit of IDR 72.63 billion last year, growing 36.47% year-on-year (yoy) from IDR 53.21 billion. (PP/ZH)