Tugu Reasuransi Indonesia (Tugure) posted gross premiums of IDR3.06tn ($212m), an increase of 31% compared to 2018’s IDR2.33tn, according to the company’s president director Adi Pramana.
Net profit after tax for 2019 reached IDR107.2bn compared to a net loss after tax of IDR57.49bn for 2018. Underwriting results also saw a very significant increase from IDR17.07bn in 2018, rising to IDR125.85bn last year.
“We face a difficult challenge in 2019. Global economic uncertainty and financial market dynamics greatly affected the pace of the economy,” Mr Adi said in an official statement.
To deal with this, the reinsurer is working to improve service quality in accepting and handling claims, strengthening capital, implementing good risk management and applying more appropriate underwriting policies.