, Indonesia
/Z from Unsplash

Taspen maintains profitability with strategic investments

It maintained a strong solvency ratio of 497% as of end-2023

PT Taspen (Persero) has consistently been profitable over the past five years, with net income rising to $49.11m (IDR805b) in 2023 from $6.95m (IDR114b) in 2022, driven by lower THT benefit payments and higher investment income, Fitch Ratings noted in an insight.

Its contributions are insufficient to meet expected claims, with the state bearing the risk. Since 2009, all JP claims have been paid from the state budget, totalling $7.38b (IDR121t) in 2023.

Taspen maintains a strong solvency ratio of 497% as of end-2023, well above the 100% minimum requirement, providing a robust capital base.

Taspen’s investment activities are strictly regulated by the MoF, focusing on government and SOE bonds, corporate bonds, stocks, and mutual funds.

Fully state-owned, Taspen is supported by the government, with six of its seven commissioners representing various government bodies. The government ensures support for Taspen’s obligations to civil servants through regulations.

Taspen's contributions mainly come from civil servants' salaries for pension (JP) and elderly savings (THT) programs, accounting for 54% and 35% respectively in 2023. The government also contributes to death benefit (JKM) and working accident benefit (JKK) programs.

Employee expenses accounted for 9% of the total state budget in 2023, with JP claims alone taking up 5%, surpassing subsidies in other sectors.

Fitch rates Taspen’s business profile as 'Most Favourable' but corporate governance as 'Less Favourable' due to investment mismanagement allegations, which led to the dismissal of Taspen's president director in March 2024.

($1.00 = IDR16,311)

 

Follow the link for more news on

Analisa data, kunci kesuksesan AIA Indonesia dalam mengatasi penipuan

Prosedur operasional standar dan penyidik yang terlatih menjaga AIA Indonesia tetap terkendali.

CEO mengungkapkan bagaimana perusahaan-perusahaan Indonesia dapat fokus pada pertumbuhan di tengah regulasi baru

Sementara pasar menuju pertumbuhan, regulasi baru mempersempit keberadaan perusahaan asuransi.

Asei dan Seoul Guarantee teken MoU

Kerja sama ini bertujuan memperkuat jaminan dan asuransi kredit di Indonesia.

Fintech Indonesia melindungi 200.000 nasabah melalui kolaborasi Qoala & Sompo

JULO Protect Plus adalah perlindungan asuransi pertama yang embedded dalam solusi kartu kredit virtualnya.

bolttech, HAVA.id bermitra untuk perlindungan perangkat UKM

UKM  Indonesia juga dapat menikmati garansi perangkat tambahan selama 12 bulan.

Bagaimana Grandtag memberikan keamanan bagi orang terkaya di Asia

CEO regional Grandtag Financial mengungkap bagaimana 'asuransi jiwa jumbo' menarik UHNWI di Asia.

Asuransi Cina menganggap bijaksana untuk beralih ke investasi alternatif

Analisis melihat regulasi baru mendorong pergeseran konservatif saat asuransi mencari stabilitas di tengah pasar yang bergejolak.

Indonesia mempertimbangkan wajib asuransi TPL

Langkah ini didorong oleh meningkatnya jumlah kecelakaan di jalan raya.

Risiko reasuransi meningkat di Tokio Marine Indonesia

Sebagai perusahaan asuransi umum kecil di Indonesia, TMI memiliki pangsa pasar sebesar 2,1%.

Apakah ‘Londonisasi’ baik untuk pasar asuransi M&A Asia?

Para ahli industri membedah tingkat penggunaan yang rendah di wilayah ini untuk asuransi M&A meskipun semakin banyak pemain industri yang masuk ke arena ini.