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Pertamina’s insurance subsidiary records 71.65 percent net profit growth
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PT Asuransi Tugu Pratama Indonesia (ATPI) president director Indra Baruna (center) poses for a photograph with members of the company’s board of directors at a press conference in Jakarta on April 5. (JP/roi)
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nsurance company Asuransi Tugu Pratama Indonesia (ATPI), a subsidiary of state-owned energy giant Pertamina, has reported 71.65 percent growth in net profit to Rp 258.4 billion (US$19.9 million) in 2017, from Rp 166.3 billion the previous year.
It represented a rebound from its slow performance in the past five years with annual growth averaging 8 percent.
ATPI president director Indra Baruna said in Jakarta on Thursday that the increase in net profit was strongly supported by its main insurance products in the energy sector by providing insurance to big corporations offshore.
From the premium's income, Tugu Pratama has generated Rp 702.7 billion in revenue, up from Rp 654 billion in 2016, while the returns from the company’s investment contributed Rp 193.7 billion, an increase of 16.07 percent from the previous year's return.
In trying to improve its performance, Indra added, his company plans to introduce new insurance products outside of its core market this year.
“We will introduce new insurance products targeting medium-sized companies,” Indra told journalists at a press conference, adding that the company was focusing on the automotive industry.
In addition to insurance in the energy sector, Tugu Pratama has insurance products for cargo and shipping, life, sharia and health, among others. (roi/bbn)
