Insurance firm's profit declines<\/p>\n
JAKARTA (JP): Interest rate declines slashed last year's
\nprofit by 6.2 percent for PT Asuransi Dayin Mitra, an insurance
\ncompany.<\/p>\n
The firm's after-tax profit declined from Rp 5 billion (US$2.3
\nmillion) in 1992 to Rp 4.69 billion last year, the firm's board
\nof directors said in a report to the annual shareholders meeting
\nhere yesterday.<\/p>\n
The report explained that the company invested Rp 27.22
\nbillion in time deposits in 1992 and Rp 24.34 billion in 1993,
\nand Rp 4 billion in statutory deposits for the last two years.<\/p>\n
The company's total investments decreased from Rp 34.27
\nbillion in 1992 to Rp 29.96 billion last year.<\/p>\n
The shareholders agreed yesterday on the distribution of Rp 2
\nbillion as dividends, in which one share will be eligible for a
\ncash dividend of Rp 100 (46 U.S. cents), while the remaining Rp
\n2.69 billion will be retained to improve the company's capital
\nstanding.<\/p>\n
The company's net revenue from premiums rose by 22.4 percent
\nfrom Rp 7.76 billion in 1992 to Rp 9.5 billion last year, while
\nthe underwriting revenue increased by 17.9 percent from Rp 7.49
\nbillion to Rp 8.84 billion.<\/p>\n
The meeting also agreed to appoint Suyitno Siswowidagdo as
\nvice chief commissioner of the company.<\/p>\n
The company is 64 percent owned by PT Gajah Tunggal Abadi,
\n9.92 percent by PT Gajah Tunggal Mulia, 7.89 percent by Bank of
\nNT Butterfield Son and 18.19 percent by the investing public.
\n(yns)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/insurance-firms-profit-declines-1447893297",
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