Indonesian insurer Tugu Pratama logs US$88 mln H1 premium income

PT ASURANSI TUGU PRATAMA INDONESIA (TPI) posted Rp801 billion (US$88 million) in premium income in the first half of this year, up 16.25 per cent from the same period last year. Tugu Pratama's marketing director M. Jusuf Adi Sofyadi attributed the increase to oil and gas insurance, which contributed 60 per cent or Rp480.6 billion to the total premium income.

* Despite the increase in premium income, the company's net profit in the first six months of this year fell 60 per cent to Rp50 billion from the same period last year on shrinking underwriting income, Jusuf said.

* The decline, however, did not reflect poor performance, but more on delay in bookkeeping, he said, adding part of income made in the first half of the year was put in July's record.