Consolidated Performance Improves, Tugu Insurance's Gross Premium Reached 6.71 Trillion in 2022

Jakarta, April 3, 2023 - PT Asuransi Tugu Pratama Indonesia Tbk ("Tugu Insurance") proactive capability towards the improving economic situation following the increasingly controlled Covid-19 pandemic, which also supports the performance achievement in 2022, in which the company managed to record a consolidated profit for the current year amounting to IDR 395.11 billion, up 21% from last year's IDR 327.23 billion.

The President Director of Tugu Insurance, Tatang Nurhidayat, explained that Tugu Insurance's performance improvement in 2022 is inseparable from the Company's commitment to always manage risk with prudence principle both from the underwriting aspect and in investment management, operating expense efficiency, and being more proactive in anticipating various opportunities and challenges in the insurance industry by prioritizing digitalization innovations amid post-Covid-19 economic recovery conditions.

"As of December 31, 2022, (audited) Tugu Insurance's consolidated gross premiums amounted to IDR 6.71 trillion. Increased 12% compared to the same period the previous year IDR 5.99 trillion, especially contributed from the Fire, Marine Hull, Onshore, and Marine Cargo business lines.  The largest premium production in 2022 acquisition comes from the Fire, Aviation, Offshore, and Marine Cargo lines. Meanwhile, underwriting income on a consolidated basis was recorded at IDR 2.34 trillion. This increased 10% compared to the same period the previous year of IDR 2.12 trillion," said Tatang.

In addition to successfully maintaining the “A- (Excellent)” Global Rating from A.M. Best for 7 years in a row, the brilliant performance of SOE Subsidiary Issuer PT Pertamina (Persero) with the TUGU stock code is also reflected in the consolidated Investment Return of IDR 352.39 billion and Other Operating Income reaching IDR 398.71 billion.

At the end of the 2022 consolidated financial year, Tugu Insurance recorded total assets of IDR 21.58 trillion, an increase from last year of IDR 20.19 trillion. Meanwhile, the company's equity increased from IDR 8.79 trillion to IDR 9.17 trillion, accompanied by a level of Risk-Based Capital (RBC) of 470.02% which is far above the minimum limit set by the Financial Services Authority (OJK), which is 120%.**