The Jakarta Post
State-owned pension insurance company PT Taspen plans to optimize its subsidiaries’ business to improve its growth this year.
One of the strategies was to boost expansion of its subsidiary, Taspen Properti, by building more apartments for civil servants, Taspen president director Iqbal Latanro said on Sunday.
“For example, Taspen Properti is in the process of developing a civil servant apartment complex. It also has some offices that have been rented to subsidiaries of state-owned companies,” he said as quoted by Kompas.com.Read also: Taspen books close to Rp 200 trillion in assets in 2016
In the first quarter of 2018, Taspen recorded total assets of Rp 232 trillion, up by 11 percent year-on-year. In addition, it also managed to post a significant increase in profits in the first three months of this year.
“Usually in the first quarters [of each year], we suffer losses. However, this year we were able to record a 506 percent surge in profits,” Iqbal said.
Last year, Taspen’s net profit climbed by 191 percent from 2016 to Rp 171 billion.
Taspen has partnered with 45 banks and PT Pos Indonesia to channel payments. To date, it has 6.5 million customers.